competition.
Asset administration heavyweight Fidelity isn’t just rumoured to be working on an application to launch a Bitcoin spot ETF submission with the US Securities and Exchange Commission – The Block, a renowned cryptocurrency news outlet, released a statement confirming the news according to those familiar with the firm’s intentions. Upsetting the odds, Fidelity takes its place amongst a number of contenders seeking America’s first Bitcoin Spot exchange-traded fund, a product that was previously refused repeatedly to the SEC and chair Gary Gensler. Joining the sector, Black Rock made a June filing for their Bitcoin ETF, closely accompanied by other trusted institutions such as Wisdom Tree and Invesco – and now, coincidentally, Fidelity. Crypto advocates are hopeful of Fidelity ‘good chances’ considering their experience in successfully processing over 500 SEC needs in the past. Abiding rules, Grayscale, a branch of prestigious Digital Currency Group, has famously been fruitless in mapping various Grayscale Bitcoin Trust applications to Bitcoin Spot ETFs. In response, Grayscale is now lawfully contest the SEC over their controversy of denying the submission. Eric Balchunas and Elliott Z. Stein
