Fidelity’s Spot Bitcoin ETF

Fidelity, the $4.2 Trillion asset manager, could soon file an application for spot Bitcoin ETF as per sources

After Blackrock, Invesco, WisdomTree and a few others have applied for spot Bitcoin ETF, there are rumors that Fidelity, the $4.2 Trillion asset manager, could soon file an application for spot Bitcoin ETF as per sources. Fidelity Digital Assets would serve as the custodian for the Bitcoins in the ETF.

This would not be the first ETF filing by Fidelity. In 2021, Fidelity had filed for a spot Bitcoin ETF called the Wise Origin Bitcoin Trust. The license by denied by the US SEC in early 2022.

However, In the event that this news comes out to be true, it would join an increasing list of institutional investors to offer spot Bitcoin ETF. Fidelity has not commented on the news yet.

It is also to be noted that Bitcoin Futures ETF are already available in several countries such as China, USA, Australia and a few others.

Filings for Spot Bitcoin ETF

Fidelity finally filed for Bitcoin ETF on June 29, 2023. However after SEC’s comments on inadequacy of Bitcoin ETFs, it again refiled its application on July 1, 2023, with Coinbase as its SSA counterpart.

Details of the ETF

Parties to the Spot Bitcoin ETF

  • FD Funds Management LLC is the sponsor.
  • Fidelity Digital Assets will be the custodian of all the Bitcoin in the fund. It is a New York Department of Financial Services-licensed custodian.
  • CBOE BZX Exchange, Inc, is the filing partner and will be the exchange on which the ETF will be traded.

About Fidelity

Fidelity Homepage

Fidelity Investments has been a big name in the US investment landscape. It offers annuity investment schemes, mutual funds, retirement schemes, US 401(k) accounts, and several other investment products. The asset manager had around $4.2 Trillion in discretionary assets and more than $11 Trillion worth of assets under its management as of March 31, 2023.

Fidelity’s Digital Assets arm is also partner to Europe’s first spot Bitcoin ETF by Jacobi Asset Management.

Dhirendra Chandra Das
Dhirendra Chandra Das

Dhirendra is a professional with dual degree MBA specializations in Finance and Marketing. He has a keen interest in finance and crypto. Starting his investment journey in Finance since 2015, Dhirendra has more than 8 years experience in Traditional Finance and 3 years experience in Decentralized Finance.

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