Fidelity Files to Launch a Bitcoin ETF
Main page News, Bitcoin-ETF

Finance giant Fidelity, which has $8.3T in assets under management (as of June 2020), has filed an application to launch an exchange-traded fund (ETF) based on Bitcoin.

If approved, Fidelity plans to use its own index to determine the price of Bitcoin. According to the filing:

"The Trust provides direct exposure to Bitcoin, and the Shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index. The Trust provides investors with the opportunity to access the market for Bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring Bitcoin directly, acquiring it from a Bitcoin spot market, or mining it."

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The Wise Origin Bitcoin ETF is sponsored by FD Funds Management LLC, Fidelity Service Company, Inc. - its administrator, and Fidelity Digital Assets, which acts as custodian.

The SEC has yet to make a decision on several Bitcoin ETF applications filed with the regulator, including those of VanEck, NYDIG and WisdomTree.

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