Asset Management Giant Fidelity Applies For Bitcoin ETF

Fidelity filed documents with the US SEC to launch a Bitcoin ETF.  If approved, the Trust would be the first Bitcoin ETF to launch in the United States.

March 25, 2021 | AtoZ Markets The financial corporation Fidelity Investments has applied to launch the Wise Origin Bitcoin Trust, an exchange-traded fund (ETF).

According to the document filed with the US Securities and Exchange Commission (SEC) on Wednesday, the custodian will be a division of Fidelity Digital Assets, focused on working with digital assets.

Fidelity Service Company, Inc. has been announced as a fund manager and sponsored by FD Funds Management LLC. The address of the latter coincides with the location of the Fidelity headquarters in Boston, Massachusetts.

The corporation intends to use its own price index for the first cryptocurrency.

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The trust provides direct access to bitcoin. Its shares are valued on a daily basis in accordance with the methodology used in the index,” the application says.

Previously, similar documents were sent to the SEC by VanEck, CBOE, NYDIG, Bitwise and Valkyrie Digital Assets. At the time of writing, the regulator has not approved any of the requests.

On March 20, Anthony Scaramucci-led SkyBridge Capital and consulting firm First Trust Advisors applied to launch a Bitcoin ETF.

As a reminder, the asset management company Grayscale Investments has opened nine vacancies related to the exchange-traded fund.

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