Fidelity is not letting the SEC’s rejection of its previous spot bitcoin ETF application stop it, as the company has refiled paperwork for its Wise Origin Bitcoin Trust.
Fidelity is following in the footsteps of BlackRock, which has revealed plans to launch its spot Bitcoin ETF.
The SEC is facing increasing pressure to approve a spot bitcoin ETF, with Fidelity and BlackRock the latest companies to file for such a product. In the upcoming months, a ruling on these applications is anticipated.
BlackRock’s announcement has lit a fire under the competition, with several other fund companies scrambling to get their spot bitcoin ETFs to market.
Fidelity is not new to the spot bitcoin ETF market; in fact, the business has already submitted documentation for a spot bitcoin ETF known as the Wise Origin Bitcoin Trust.
Fidelity was denied by the SEC in early 2022 when it tried to launch a spot Bitcoin ETF in the United States. But just a few months previously, the firm had successfully introduced a similar product in Canada.
The SEC blocked Fidelity from launching a spot bitcoin ETF in the US in 2022, but the firm had already successfully launched a similar product in Canada.
Fidelity has declared a “surveillance sharing agreement” with an unnamed U.S.-based bitcoin trading platform in its most recent file that should calm the SEC’s worries about possible market manipulation. This agreement is similar to one included in the recent BlackRock filing.
The recent flurry of renewed attempts to launch bitcoin ETFs has led to an influx of new applications at the SEC. While the SEC has not yet decided on these applications, the market’s optimism is palpable, particularly surrounding BlackRock’s submission.
The SEC chairman, Gary Gensler, is facing challenges as he attempts to control the volatile cryptocurrency industry.
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