Fidelity Jumps Into Bitcoin Spot ETF Race After BlackRock Filing

Summary:

• Fidelity could taxable a Bitcoin (BTC) spot ETF exertion arsenic aboriginal arsenic Tuesday, The Block reported citing a source.
• A flurry of BTC ETF applications came from companies similar Widomtree and Invesco aft BlackRock’s filed connected June 15.
• Bitcoin broke supra $30,000 for the archetypal clip since April soon aft BlackRock’s filing with the U.S. Securities and Exchange Commission.

Asset absorption heavyweight Fidelity is reportedly moving connected filing a Bitcoin spot ETF exertion with the U.S. Securities and Exchange Commission, per crypto quality outlet The Block citing a acquainted with the firm’s intentions.

According to the report, Fidelity could taxable an exertion arsenic aboriginal arsenic Tuesday.

Bitcoin Spot ETF Race Heats Up

Fidelity enters a excavation of institutions and companies successful the unfastened contention to connection America’s archetypal Bitcoin spot exchange-traded fund, a merchandise that the SEC and Chair Gary Gensler person notoriously rejected connected respective occasions.

BlackRock submitted its filing for a Bitcoin Spot ETF connected June 15, ushering a wave of applications from different institutions similar WisdomTree, Invesco, and present Fidelity. Crypto proponents speculate that the trillion-dollar plus manager stands a accidental astatine occurrence aft successfully filing implicit 500 applications with the SEC.

Grayscale, a subsidiary of Digital Currency Group, has filed a fig of unsuccessful applications with the securities watchdog. The institution has repeatedly tried to person its Grayscale Bitcoin Trust (GBTC) merchandise to a Bitcoin Spot ETF with nary luck. Grayscale is presently locked successful a ineligible tussle with the SEC implicit the regulator’s determination to contradict its exertion contempt approving Bitcoin Futures ETFs.

Bloomberg analysts judge that Grayscale has a 70% chance of winning successful tribunal aft 3 judges heard arguments from some sides. This has besides seemingly upped the chances of BlackRock’s exertion going done arsenic the SEC could look to soften the interaction of coming up abbreviated successful court, per comments from Bloomberg’s Eric Balchunas and Elliott Z. Stein.