Fidelity Investments has urged the US Securities and Exchange Commission (SEC) to approve bitcoin (EXANTE: Bitcoin) exchange-traded fund (ETF) in a private meeting, according to filings. Particularly, Tom Jessop, President, Fidelity Digital Assets, and many other Fidelity's executives noted that there is "broad retail adoption" and "growing institutional interest" in gaining exposure to bitcoin.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
The firm also said 33% of US institutional investors are invested in cryptocurrency today, with 69% of US institutional investors feel that cryptocurrencies should be "part of an investment portfolio going forward." What is more important is that a bitcoin exchange-traded product (ETP) is the most "appealing digital asset investment product."
"We believe bitcoin futures-based products are not a necessary interim step before a bitcoin ETP," the presentation reads.
Fidelity's call for bitcoin-ETF legalization comes after the SEC delayed its decision on VanEck's bitcoin-ETF for third time this year. The new deadline is set for November 14. Nonetheless, Bloomberg analyst, James Seyffart, still believes that the agency will approve bitcoin-ETF in Q4, 2021, possibly as early as October.
The abrupt withdrawal by VanEck and ProShares of their applications for the creation of an ether-ETF increases the chances of a bitcoin-ETF being approved, Seyffart added.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.