Asset management giant Fidelity files for Bitcoin ETF

Fidelity Investments, a company that manages $4.9 trillion in assets, said. The Securities and Exchange Commission, or SEC, has filed regulatory documents for a new bitcoin exchange traded fund (BTC).

Bitotsin Wise Trust filed an application with the Securities and Exchange Commission (SEC) on Wednesday, according to an S-1 registration statement posted on the regulator’s website. The goal of the ETF is to track the daily performance of the digital currency through the Fidelity Bitcoin Index PR, an index derived from multiple price channels.

From the flyer:

The trust provides direct exposure to bitcoin, and the trust’s shares are valued daily using the same methodology used to calculate the index.

The fund is domiciled in Delaware and Fidelity Digital Asset Services is registered as custodian.

Fidelity says investors can access the fund through a traditional brokerage account, without the potential barriers to entry or risks associated with holding or transferring bitcoin directly. Like other proposed bitcoin ETFs, the Fidelity Trust aims to provide more institutional access to cryptocurrencies.

Speculation on the US bitcoin ETF has been strong since the 2017 bull market. So far, lawmakers at the Securities and Exchange Commission have rejected all proposals to securitize bitcoin in ETFs, due to concerns about extreme volatility and price manipulation. Proponents of the flagship cryptocurrency believe the tide is turning as bitcoin matures as an asset class.

Last week, Goldman Sachs filed for a new ETF that includes an option for exposure to BTC. ETF-linked bonds can use cryptocurrencies, such as. B. Bitcoin, be exposed indirectly through investments in a grantor trust, the prospectus said.

North of the border, Canadian regulators have already approved two bitcoin ETFs. The Target Bitcoin ETF, which launched in mid-February, already raised $100 million in its first trading hours.

Fidelity was one of the first major organizations to accept crypto-currencies. The company began mining bitcoin and Ethereum (ETH) in 2014, the same year Abigail Johnson became president and CEO.

frequently asked questions

Can you invest in bitcoin with Fidelity?

Fidelity is launching a bitcoin ETF as the investment giant expands its digital asset business. … The fund will track the performance of bitcoin as measured by the Fidelity Bitcoin Index, which Fidelity created to track the digital currency.

Is there an ETF that tracks bitcoin?

Target Investments’ Bitcoin ETF currently has over $590 million in assets under management, having launched just a week ago.

What is the best Bitcoin ETF?

Money, the best crypto etf …

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