Fidelity is making headlines today following a report from The Block that the asset manager is the next to file for a spot bitcoin ETF. This news comes shortly after BlackRock filed with the U.S. Securities and Exchange Commission for a similar exchange-traded fund.
Edward Moya, a Senior Market Analyst at Oanda, commented on the Fidelity news:
“There’s a lot of optimism here that you’re going to get a bitcoin ETF.”
Invesco, WisdomTree, Bitwise, and VanEck are just a few of the companies that have recently filed for a spot bitcoin ETF, which could be a factor in driving the price of bitcoin up to $31,000 – its highest in over a year.
Fidelity had attempted to file for a spot bitcoin ETF in 2021, but the request was rejected. Analysts are more optimistic this time around, as BlackRock’s filing could suggest that the regulator may be more open to the idea.
As Moya puts it:
“If that does get done, it could open the door for much more institutional money and probably some high-net-worth retail traders to get back into crypto.”
The U.S. regulator has recently filed lawsuits against both Binance and Coinbase Global Inc., however, Fidelity has also recently backed the crypto exchange EDX Markets, which went live in the United States.
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