Fidelity Investments, a prominent asset management firm, is making another attempt to launch a spot Bitcoin ETF. This move follows BlackRock‘s recent filing for a spot bitcoin ETF, despite the U.S. Securities and Exchange Commission (SEC)’s historical resistance. WisdomTree, VanEck, Invesco, and Ark Invest, led by celebrity investor Cathie Wood, have taken steps toward their own Bitcoin funds, aligning them closer to BlackRock‘s application.
The filing made on Thursday by the Cboe Bzx Exchange pertains to the Wise Origin Bitcoin Trust, which was previously proposed by Fidelity but denied by the SEC. Over the past two weeks, the exchange has submitted similar filings for other firms. The SEC has consistently rejected all spot Bitcoin fund applications it has reviewed. The regulator is currently engaged in a legal battle with Grayscale concerning its decision to block the conversion of the Grayscale Bitcoin Trust into an ETF.
One of the SEC’s primary concerns regarding spot Bitcoin products is market transparency and the potential for manipulation. The filing by BlackRock includes a proposed surveillance-sharing agreement that aims to address these concerns, and subsequent filings have featured similar proposals.
The SEC has already permitted the creation of ETFs that track bitcoin futures contracts, including the ProShares Bitcoin Strategy ETF (BITO), which has amassed over $1 billion in assets. Furthermore, the first leveraged Bitcoin futures fund entered the market on Tuesday.
