Fidelity Investments Reportedly Filing for Spot Bitcoin ETF Soon

• On June 15, 2023, Blackrock applied for a spot Bitcoin ETF with the SEC.
• Fidelity has $4.2 trillion in assets under management (AUM).

In what may be a watershed moment for the Bitcoin exchange-traded fund (ETF) industry, prominent firms are rushing to submit applications to the U.S. SEC in June 2023. On June 15, 2023, Blackrock, the biggest asset manager in the world, applied for the same, and it was quickly followed by competitors Invesco, WisdomTree, and Bitwise.

As a group, these corporations oversee global assets worth trillions of dollars, thus their registrations are anticipated to provide a huge boost to the cryptocurrency market.

Massive Boost for Bitcoin

As a result, this has the potential to aid Bitcoin in overcoming the industry’s most pressing issue: altering the perspective around cryptocurrencies among established participants in the financial markets. Fidelity Investments was said to be getting ready to submit a spot Bitcoin ETF application earlier. According to reports, the business is all set to submit the application.

Moreover, the third biggest asset manager in the world, according to Wu Blockchain, was getting ready to apply for a spot Bitcoin ETF. Fidelity has $4.2 trillion in assets under management (AUM), therefore its submission is a great boost for the sector as a whole.

The Bitcoin ETF application would be the asset management firm’s second significant effort to enter the cryptocurrency market, after the joint launch of the non-custodial cryptocurrency exchange EDX Markets.

The company’s leaders had been eyeing the cryptocurrency industry for some time, and they were already taking action on many fronts to take advantage of it. The company submitted three trademark applications in December 2022, all related to the Metaverse.

Moreover, if the Bitcoin ETF filing goes thru, the price of Bitcoin may see a pleasant boost, perhaps reaching $31,000 and beyond.

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