Fidelity joins the Bitcoin ETF race!

Fidelity, the financial giant with over $11 trillion in assets under management worldwide, plans to file for a Bitcoin ETF, joining BlackRock and other major players in the financial industry. Find out how this wave of institutional interest could impact the crypto market.

In a new announcement that’s shaking up the world of finance, asset management giant Fidelity is preparing to enter the Bitcoin ETF race. Following in the footsteps of BlackRock, Valkyrie, WisdomTree and Invesco, Fidelity intends to file an application to launch its own Bitcoin (BTC)-backed exchange-traded fund.

Fidelity, a surprise application?

A source close to the matter revealed this information to Franck Chaparro, a journalist with the American media outlet The Block. According to the source, Fidelity may submit its application to the Securities and Exchange Commission (SEC), the US regulator, this very week.

Fidelity, which manages over $11 trillion in assets worldwide, is determined not to miss the opportunity to participate in this new era of institutional investment in Bitcoin. In 2021, the fund had already attempted to file an application for its Wise Origin Bitcoin Trust, but this was rejected by the SEC in early 2022, as were other Bitcoin spot ETF applications.

However, the enthusiasm generated by BlackRock’s surprise application for a Bitcoin ETF has paved the way for a new wave of similar requests from major players in US finance. All are seeking approval to launch a Bitcoin-based exchange-traded fund.

Attention now turns to the SEC, which will have to decide whether it is ready to finally approve a Bitcoin spot ETF in the USA. The question remains as to which investment fund will be the first to obtain the precious endorsement of the US stock market watchdog.

If approval is granted, it will open the doors to massive investments in Bitcoin and the crypto market as a whole. The arrival of these Bitcoin ETFs could inject billions of dollars into this digital asset, driving unprecedented demand and potentially a significant rise in the Bitcoin price.

These positive developments have already had an impact on the market. Yesterday, the Bitcoin price climbed back above $31,000 on the Binance platform. Investors are now hanging on the SEC announcement and the imminent arrival of Bitcoin ETFs, which could mark a new era for cryptocurrencies and institutional investments.