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The U.S. SEC reportedly asks leading exchanges seeking to list shares of Ethereum spot-based exchange-traded funds (ETFs) to update important…
The post Fidelity Removes Staking From Ethereum ETF Filing as SEC Asks CBOE, Nasdaq to Update Filings first appeared on The Crypto Basic.
Lower Bitcoin market volatility often precedes significant bull runs, suggesting that the current trend could propel prices toward the $100,000 to $150,000 range.
Fidelity has joined other US companies to resubmit its application for a Bitcoin spot exchange-traded fund (ETF) called Wise Origin Bitcoin Trust. The asset management giant officially filed its paperwork for the spot Bitcoin ETF with the Securities and Exchange Commission (SEC) yesterday (Thursday).
A US Spot Bitcoin ETF
The application of Boston-headquartered Fidelity came only two weeks after its rival Blackrock filed for the approval of a spot Bitcoin ETF. Blackrock’s application also encouraged other firms, including Invesco and WisdomTree, to seek the SEC’s approval for the much-anticipated crypto investment instrument. Unlike Blackrock, all these companies filed for permission for a spot Bitcoin ETF, but their application was rejected.
Fidelity, a company with $4.5 trillion in assets under management (AUM), originally applied for its spot Bitcoin ETF in 2021 when the retail sentiment in the crypto market was high. However, the SEC rejected Fidility’s application in 2022, which came a couple of months after Fidelity successfully launched a spot Bitcoin ETF in Canada.
Bringing Bitcoin to Mass Investors
An instrument like spot Bitcoin ETF will be listed on American stock exchanges, and retail investors can easily invest in the cryptocurrency from their brokerage accounts. It would eliminate the hassle of creating a separate crypto exchange account, setting up wallets, and other complex processes.
In the latest reapplication, Fidelity included a ‘surveillance sharing agreement’ with an unnamed US spot-based Bitcoin trading platform. This would eliminate the SEC’s concerns over market manipulation.
Though the SEC was reluctant to approve spot Bitcoin ETFs, the interest of Blackrock in the segment this time has raised hope. With over $10 trillion in AUM, BlackRock is the largest asset manager in the US. It has a significant influence in the financial services industry and also political backing, many media reports highlighted. Further, the market is optimistic about BlackRock’s position, and speculations are mounting that its spot Bitcoin ETF will be approved. However, the SEC is yet to come up with anything official.
Joe Carlasare asks Elliot Johnson why the SEC has not approved a spot Bitcoin ETF pic.twitter.com/LMIheNLFFf
— Swan (@Swan) June 28, 2023 This article was written by Arnab Shome at www.financemagnates.com.Asset management giant Fidelity resubmitted its application for Wise Origin Bitcoin Trust, a spot bitcoin ETF. This move comes shortly after BlackRock’s iShares unit filed [...]
While gold has long served humanity as a reliable store of value, Bitcoins rise as a modern-day store of value has triggered debates.
Fidelity Investments, one of the largest mutual fund companies in the US, might be closer to filing an application for approval of their own spot Bitcoin (BTC) exchange-traded fund (ETF). Speculations, which first appeared almost two weeks ago, have been confirmed by a source familiar with the company's plans, The Block reported yesterday (Tuesday).
Fidelity Joins the Bitcoin ETF Race
More large companies joined the race after BlackRock filed its own application to establish a spot Bitcoin ETF on 15 June. Invesco, WisdomTree, and Bitwise have also submitted their inquiries.
For some time now, there has been strong speculation that Fidelity Investments would take a similar step, as it had already presented similar plans in 2021.
UPDATE: @DigitalAssets and @Fidelity is about to make a seismic move in crypto via both $BTC and $ETH. Sources expect Fidelity to either make a bid for @Grayscale or quickly launch their own spot #bitcoin ETF. One or both are coming, soon. **Blackrock and Fidelity will own…
— Andrew (@AP_Abacus) June 18, 2023Although it was unsuccessful two years ago and the application was finally rejected in early 2022 by the Securities and Exchange Commission (SEC), the company reportedly made another attempt.
The Block claims that the sources familiar with the matter suggested the possibility of filing such an application this week. However, Fidelity refused to comment on these rumors.
*FIDELITY PREPARING TO SUBMIT SPOT BITCOIN ETF FILING: THE BLOCK
— zerohedge (@zerohedge) June 27, 2023Interestingly, ARK Investment Management had submitted a similar application to the SEC long before BlackRock filed its own spot Bitcoin ETF application. The fund, owned by famous investor Cathie Wood reported this in April.
Cryptocurrency ETFs Attract Record Amounts of Cash
Applications from companies such as BlackRock, WisdomTree, Invesco, and supposedly Fidelity have sparked a new fever in the digital assets market. Wall Street giants seem to be trying to grab a piece of the cryptocurrency pie since the United States has dealt with 'unregulated' exchanges like Binance and Coinbase.
The price of Bitcoin has bounced back by over 25% in a week, testing new annual highs and growing by 80% since the start of the year. However, network activity does not show either an increase in new users or higher volumes. The recent move was purely speculative and resulted from a record inflow of cash into existing cryptocurrency ETFs.
While the SEC has not agreed for years to create a spot Bitcoin ETF, it has allowed trading exchange-traded funds based on the valuation of crypto futures contracts. One of the first was ProShares' BITO Bitcoin, which is mainly popular among institutional investors.
According to the latest data, BITO received an additional $65.3 million in just one week. Last Friday, the fund traded 500 million shares, one of the five best results in its history.
However, the growing popularity of regulated cryptocurrency instruments might not please Bitcoin's creator, the anonymous Satoshi Nakamoto. Bitcoin was supposed to be an alternative to the world of traditional finance. Nevertheless, the latest events show that its price has been rising in recent weeks solely thanks to 'old economy companies.
This article was written by Damian Chmiel at www.financemagnates.com.
Fidelity Investments and HSBC both filed trademark applications that focus on digital assets, virtual services, NFTs, and NFT marketplaces.
The post Two Traditional Financial Services Firms Announce Metaverse Entry Through Filing Trademark Applications appeared first on BitPinas.
Fidelity Investments, one of the largest asset managers and 401(k) providers in the world, received another concerned letter from United States lawmakers concerned about the FTX fallout.
The post US Senators urge Fidelity to drop BTC amid FTX fallout appeared first on CryptoSlate.
The crypto-skeptic senators suggested the FTX collapse made it “abundantly clear” that the digital asset industry has "serious problems."
Fidelity Investments has launched trading support for Bitcoin and Ethereum at zero commission (Read More)
Fidelity Institutional boss, Michael Durbin is advocating more crypto allocations for consumers (Read More)
The Digital Assets division within Fidelity Investments will have around 500 total staff members by the first quarter of 2023, according to a spokesperson.
Fidelity Digital Assets, the asset management Behemoth Fidelity's cryptocurrency division, has disclosed its plans to hire 100 new employees in the next six months to strengthen its workforce (Read More)
According to an email reportedly sent to clients, Fidelity Digital Assets is offering institutional Ethereum capabilities for their clients starting next week.
The launch of crypto exchange EDX is the latest evidence Wall Street continues entering the digital asset markets despite the crypto winter. (Read More)
The potential launch would come after Fidelity enabled its corporate clients in April to add the world's largest cryptocurrency to their managed 401(k) retirement plans. (Read More)
While Fidelity hasn’t yet confirmed rumors it will launch retail Bitcoin trading, the firm said enabling broader access to digital assets remained a key area of focus.
Fidelity Digital Assets, the cryptocurrency arm of Fidelity Investments, is set to onboard additional hands as it prepares for the growing demand in the digital assets ecosystem. (Read More)
The bill is a response from the Alabama Senator to Senator Warren and the Department of Labor’s bid to block Bitcoin investments in self-directed 401(k) investment plans.
To address customer demands in growing areas like cryptocurrency and direct indexing, Fidelity Investments has created more than 12,000 job offerings to shape the future of financial services. (Read More)
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