TRENDING:
BoJ Interest Rate
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

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.
Fidelity Investment set to file for spot Bitcoin ETF following BlackRock’s lead
Aaryamann ShrivastavaAaryamann ShrivastavaFXStreet

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

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.

More from Aaryamann Shrivastava
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations

Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets

Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets

Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach

Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach

Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin: Binance security breach and hawkish Fed push BTC lower

Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.