There is an important development in the world of crypto money. According to him, the company that manages trillions of dollars has applied for a Bitcoin ETF. Fidelity Investments completed the file and submitted it to the SEC. Let’s look at the details.
Fidelity’s Bitcoin ETF application
Reference 19b-4 published by Cboe provides details. Accordingly, it reveals Fidelity’s plans for an upcoming spot bitcoin exchange-traded fund (ETF), Wise Origin BTC Trust. On the other hand, as stated in the application, FD Funds Management LLC will act as the sponsor of the Trust. In addition, Fidelity Digital Assets Services will be responsible for protecting the trust’s BTC assets.
The application highlights the important role of professional custodians and other service providers in protecting the interests of investors. It highlights the protections offered by the Trust that are not always available to those who invest directly in Bitcoin. Such protections are very important. Accordingly, it includes mitigation against risks such as the bankruptcy of unqualified custodians and cyber attacks.
Tackling offshore risks
The filing suggests that if US investors had access to tools like the Wise Origin Bitcoin Trust, they would be able to protect their main investments in bitcoin by avoiding the risks associated with loosely regulated offshore platforms. By channeling BTC investments into regulated instruments, investors are pointing out that they can benefit from enhanced security and protection.
In response to questions, a Fidelity spokesperson made a statement. Confirmed that CBOE-BZX Exchange has submitted a proposed new listing rule for Fidelity’s BTC ETP, Wise Origin Bitcoin Trust. earlier this week cryptocoin.com As we mentioned, we stated that Fidelity is preparing to submit its own application for a spot bitcoin exchange-traded fund. This move aligns Fidelity with other issuers aiming to be the first to introduce such a product. Fidelity first applied for the Wise Origin bitcoin ETF in 2021. To date, the SEC has yet to approve a spot fund.
What does application mean?
The emergence of Fidelity’s spot bitcoin ETF plans, as illustrated in Cboe’s file 19b-4, highlights the company’s focus on providing enhanced investor protections. Fidelity offers professional custody service. It also highlights risk reduction measures. On the other hand, it aims to attract US investors who want to turn to Bitcoin while ensuring their assets are protected. The importance of Fidelity’s application for a spot BTC ETF is obvious. Now market watchers eagerly await the SEC’s regulatory approval.
As we have seen in the crypto money market, the application of the Bitcoin ETF reveals the confidence in the field. On the other hand, applications are also important for the future of BTC and cryptocurrencies. Accordingly, the positive decision of the SEC on this issue will present a different situation to us. The coming days seem to be pregnant with surprise developments for the crypto money field.
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