Welcome back everyone ! I hope you have a good day so far, today we are going to discuss about Fidelity Investments
What is Fidelity ?
Fidelity Investments, commonly referred to as Fidelity is an American multinational financial services corporation. Their assets under administration amount to $10.3 trillion !
A source familiar with the firm's plans says that it could submit its filing as soon as Tuesday, following the lead of asset management giant BlackRock.
Source : https://www.alamy.com/
The rush for Bitcoin
BlackRock's June 15 filing has been followed by other asset managers looking to launch their own spot bitcoin funds including Invesco, WisdomTree and Bitwise.
However, Fidelity is not making its first attempt. In 2021, they had a resounding failure with their application for the Wise Origin Bitcoin Trust, which was rejected by the SEC in early 2022. And that's the catch. While leveraged Bitcoin ETFs, which are based on Bitcoin's volatility rather than its value, are proliferating, spot Bitcoin ETFs are noticeably absent from the economic landscape.
Conclusion :
Fidelity is another company looking to enter the Bitcoin race with its spot ETF. But the SEC has in recent years rejected dozens of applications for spot bitcoin ETFs, which are a publicly traded investment vehicles that directly track the price of bitcoin, so we will need to wait for the approval.
Thumbnail source : https://coinstelegram.com/
Thank you for reading !
