Fidelity Requested for a Bitcoin ETF

by in Cryptocurrency News

Fidelity Bitcoin ETFs

On March 24, Boston-based major financial institution Fidelity Investments submitted documents with the SEC to get authorization to issue its BTC exchange traded fund.

The ETF which will enable betting on the price of BTC without buying or storing the coin will operate under the name Wise Origin Bitcoin Trust.

In case of getting the SEC's authorization, Fidelity Service Company Inc will carry out the administrative processes and Fidelity Digital Assets would perform as custody for physical BTC maintained by the ETF.

Fidelity founded the branch for digital assets in 2018 to manage crypto custody and purchases. In 2020 the entity released its first Bitcoin-only investment product named Wise Origin BTC Index Fund I with a minimum investment sum of $100.000.

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Besides Fidelity, there are five requests for forming Bitcoin ETFs that are waiting for the financial regulatory's answer. They were made by VanEck, Bitwise, Valkyrie Digital Assets, NYDIG, and WisdomTree. Interest in Bitcoin ETFs has been growing. The first country approving them became Canada validating the Purpose Bitcoin in February. Afterwards, the country approved two other ETFs. Next was Brazil. The country's financial regulatory body validated two crypto ETFs on March 19.