Fidelity Investment set to file for spot Bitcoin ETF following BlackRock’s lead
- 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.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
