Benzinga - ETF Issuer, Fidelity Investments, submitted its Bitcoin (CRYPTO: BTC) Spot ETF “Wise Origin Bitcoin Trust” application to the SEC again. This time, Fidelity Investments has addressed the regulator's concerns that led to the rejection of the previous Bitcoin ETF update.
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The update includes allowing investors to easily buy and sell shares of a fund that will replicate the Bitcoin price. This will be an easy and safe solution for institutional investors who are looking to be involved with the rising and volatile crypto market.
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With $37 billion in 58 ETFs, Fidelity Investments CEO, Abigail Johnson is a strong supporter of bringing cryptocurrencies into traditional finance, and she looks to make digitally native assets available easily to investors, as reported by CoinGape.
SEC Angle
The SEC has not yet approved any Bitcoin ETF amid concerns around market manipulation, fraud, custody, and investor protection. Applications from VanEck and Valkyrie have faced rejection or delayed decisions from the SEC. Among the many others who have applied for Spot Bitcoin ETFs are Grayscale, Invesco, BlackRock, Fidelity, and Cathie Wood's Ark Invest.
Contrarily, the Fidelity ETF case has the upper hand, as it rests on a strong reputation and ample resources. The firm has also indicated in its updated ETF proposal that the offering will have higher transparency, liquidity, and security.
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Meanwhile, the false rumor about the approval of a Spot ETF led to around $100 million in liquidations within just one hour on Monday, as Bitcoin price ran up to around $30,000, then eventually dropped to $28,000 as the rumor was dispelled.
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