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- 1 Last week, BlackRock filed for a Bitcoin ETF. Now, Fidelity Investments is rumored to seek the opportunity.
- 2 The crypto community takes it as a growing interest towards digital assets among traditional finance players.
Fidelity Investments is said to enter the Bitcoin (BTC) ETF space soon. The rumors surfaced that the third largest asset management firm in the world is likely to file a spot Bitcoin ETF application with the SEC. Other than filing for an ETF, it is being said it can buy Grayscale Investments. The timing similes with the biggest asset management company BlackRock filing for its spot Bitcoin ETF.
Crypto Game Step-up from Fidelity Investments
Many popular names in the crypto community shared the news over the social media platform, including Arch Public’s co-founder Andrew Parish, Michale van de Poppe, Ash Crypto, Scott Melker, etc. Given the confirmation of influential personalities in the crypto domain, many in the crypto community believe it to be true and anticipate Fidelity Investments to likely go deep with its crypto plans with the filing of a Bitcoin exchange traded fund.
The company with $4.24 Trillion worth assets under its management, Fidelity Investments, has its presence in crypto space already. The firm has also been in the Bitcoin mining operations since 2014. Furthermore, crypto custody services offerings also fall under the company’s prospects.
Fidelity Digital Assets, the company’s digital assets wing, offers and operates cryptocurrency related operations since its launch in 2018. FDA has New York Trust Charter and in 2020, it launched its operations in Europe. It offers Bitcoin ETFs on international exchanges, and in the United States, it offers Ethereum ETF.
The crypto influencer, Andrew Parish, noted it would not come to him as surprise if Fidelity Investments will also start crypto staking services in the future.
UPDATE: @DigitalAssets and @Fidelity is about to make a seismic move in crypto via both $BTC and $ETH.
— Andrew (@AP_Abacus) June 18, 2023
Sources expect Fidelity to either make a bid for @Grayscale or quickly launch their own spot #bitcoin ETF. One or both are coming, soon.
**Blackrock and Fidelity will own…
Grayscale Purchase in the Option
Parish was among the early informers of the update who made the tweet on June 18 stating the “seismic move” from Fidelity towards Bitcoin and Ethereum like cryptocurrencies. While citing sources, he noted the company could also make a bid to acquire Digital Currency Group’s Grayscale Investment. He believes out of spot Bitcoin ETF launch and buying Grayscale, either one of them or both are possible.
UPDATE: @DigitalAssets and @Fidelity is about to make a seismic move in crypto via both $BTC and $ETH.
— Andrew (@AP_Abacus) June 18, 2023
Sources expect Fidelity to either make a bid for @Grayscale or quickly launch their own spot #bitcoin ETF. One or both are coming, soon.
**Blackrock and Fidelity will own…
Grayscale Investments has its flagship product Grayscale Bitcoin Trust (GBTC). The investment product trades on the stock market and securities in the world which solely depends upon the investment in Bitcoin (BTC).
Until the time of writing, there is no confirmation from Fidelity Investments, or Grayscale, about the said Bitcoin spot ETF filing or buyout of GBTC issuer.
Fidelity Investments movement towards spot Bitcoin ETF is compared to the recent filing of an exchange traded-fund from BlackRock.
BlackRock Entered Spot Bitcoin ETF Space
World’s biggest asset management firm, BlackRock, recently filed for a spot Bitcoin ETF on June 15. The Nasdaq Stock Exchange filing with the United States Securities and Exchange Commission (SEC) noted the name of iShares Bitcoin Trust of BlackRock. Leading crypto exchange, Coinbase would serve as the ETF’s custodian, while the leading bank, Bank of New York Mellon would be serving as fiat custodian for the fund.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
