Skip to main content

Fidelity Applies to Launch Bitcoin ETF Amid Accelerating Institutional Demand for BTC

Fidelity Applies to Launch Bitcoin ETF Amid Accelerating Institutional Demand for BTC

Fidelity has filed with the U.S. Securities and Exchange Commission (SEC) to launch a bitcoin exchange-traded fund (ETF). The ETF will track the price of bitcoin as measured by the performance of the Fidelity Bitcoin Index.

Fidelity Seeks SEC’s Approval Launch a Bitcoin ETF

FD Funds Management, a subsidiary of Fidelity, has revealed that it plans to provide financial backing for a bitcoin ETF called the Wise Origin Bitcoin Trust, CNBC reported. On Wednesday, the company filed a Form S-1, a preliminary registration statement for the fund, with the SEC.

The filing explains that the Wise Origin Bitcoin Trust “is an exchange-traded fund that issues common shares” that will trade on a stock exchange, which has yet to be named, adding:

The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Index PR … adjusted for the Trust’s expenses and other liabilities.

The sponsor of the ETF is FD Funds Management while Delaware Trust Company is the trustee. Fidelity Digital Asset Services LLC (FDAS) is the Trust’s custodian and will hold all of the Trust’s BTC on its behalf, the filing describes. The Fidelity Bitcoin Index PR is designed to reflect the performance of bitcoin in U.S. dollars.

According to CNBC, Fidelity confirmed that it filed a prospectus to sponsor a bitcoin ETF. However, the company refrained from offering further comment due to the preliminary nature of the filing.

In an emailed statement, Fidelity wrote that “An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” elaborating:

The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions.

What do you think about Fidelity launching a bitcoin ETF? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3flAIKS
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more