Race Heats Up for Spot Bitcoin ETF

Fidelity, a major asset management firm, is nearing the submission of its own filing for a spot bitcoin exchange-traded fund (ETF). Fidelity joins a growing list of issuers competing to be the first to introduce a spot bitcoin ETF.

Following in the footsteps of asset management giant BlackRock, the filing could be submitted as early as Tuesday, as reported by The Block. BlackRock's filing on June 15 has sparked interest from other asset managers, such as Invesco, WisdomTree, and Bitwise, who are now looking to launch their own bitcoin funds.

This marks Fidelity's second attempt at launching a spot bitcoin ETF after failing to secure approval in early 2022 by the U.S. Securities and Exchange Commission for its “Wise Origin Bitcoin Trust”.

The potential launch of a spot bitcoin ETF has been hailed as a game-changing development by market experts, as it would offer investors exposure to the market without requiring direct involvement with the underlying asset. BlackRock's filing, given the firm's size and global significance, has been particularly noteworthy. 

Fidelity, with its vast retail brokerage client base and over $11 trillion in assets under management, is a formidable player in the industry. It has been involved in the crypto space since 2018, operating institutional custody and trading services, and has been offering fund products to European clients through Fidelity International since February 2022.