Aaryamann Shrivastava
FXStreet
- Fidelity Investment is close to filing for a spot Bitcoin ETF potentially as soon as in the next 48 hours, The Block reports.
- The interest in spot BTC ETF skyrocketed over the last few days following BlackRock’s filing, which also triggered a rally in Bitcoin price.
- Cathie Wood’s Ark Investment, on the other hand, is claiming to be the first in line to file for such an ETF, beating out BlackRock in the race.
Bitcoin price has witnessed an immense rally over the past couple of days, along with the rest of the crypto market. The trigger for this rally was said to be BlackRock, which shocked the world after filing for a spot Bitcoin ETF. Now, Fidelity Investment is reportedly preparing to do the same.
Fidelity goes for spot Bitcoin ETF
Fidelity Investment is preparing to file for a spot Bitcoin exchange-traded fund (ETF), according to reports from The Block. The asset management company could potentially file the ETF in the next 48 hours, which would make it the second recognized filing in June.
Fidelity takes after BlackRock, which stunned the market after filing earlier this month.
The potential of such an ETF has been tossed around for a while now. However, when BlackRock took a step in this direction, the interest rejuvenated.
Being the biggest asset management firm in the entire world, BlackRock holds great influence in not only the crypto market but the stock market as well. Consequently, the hype following the filing led to Bitcoin price and altcoins’ price rallies, bringing BTC above $30,000 last week.
Still, Fidelity is yet to make the official announcement, and a request for a comment from the firm is still pending. But while Fidelity could be the second to file for a spot Bitcoin ETF, Cathie Wood’s ARK Investment Management has claimed to be the first firm to file for such an ETF.
According to reports from Bloomberg, ARK, in collaboration with 21Shares, filed an application with the Securities and Exchange Commission back in April this year, thus making it the only one ahead of BlackRock.
ARK Investment Management analyst, Yassine Elmandjra, further stated that,
“Other applicants will be able to amend their filings with similar agreements at little cost.
ARK Invest has yet to make an official announcement.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Crypto traders brace for short-term volatility with $2.4 billion options expiry on Friday
Bitcoin and Ethereum options market looks bullish on Friday, according to data from intelligence tracker Greeks.live. The firm said it has identified two Bitcoin calls that show an underlying bullish sentiment among market participants.
XRP recovers from week-long decline following Ripple’s response to SEC motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
Lido adds 4% gains as protocol rolls out first step towards decentralization
Lido takes the first batch of simple DVT validators to live, a step taken to decentralize the protocol. Lido leveraged technology to expand the protocol to multiple node operators, inviting both solo and community stakers.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.