The Block: Fidelity to apply for its own Bitcoin ETF

The Block: Fidelity to apply for its own Bitcoin ETF

The financial giant will soon join the list of companies preparing to launch exchange-traded funds for the cryptocurrency

Investment firm Fidelity is ready to apply for a bitcoin exchange-traded fund (ETF), The Block writes, citing sources. Fidelity manages more than $11 trillion in assets for 42 million clients, and a source familiar with the company's plans told reporters that it could file as early as this week.

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Another major investment firm, BlackRock, applied to register a similar ETF on June 15, and other asset managers including Invesco, WisdomTree, and Bitwise immediately followed suit.

Investors in such funds access the coin through a regulated product without actually owning Bitcoin.

This is Fidelity's second attempt to create such a product. In 2021, it applied to create an ETF under the Wise Origin Bitcoin Trust brand, but the SEC rejected the application in early 2022.

Fidelity declined to comment after being asked by reporters.

In March, Fidelity Digital Assets, the company's cryptocurrency division, opened access for U.S. traders to its Fidelity Crypto platform. Previously, only users on the waiting list had access to the service. Only two assets are available for trading on the platform - bitcoin and Ethereum (ETH).

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