Fidelity has resubmitted documentation for its Wise Origin Bitcoin Trust, aiming to launch a spot bitcoin ETF. This move comes approximately two weeks after BlackRock’s iShares unit filed paperwork for the iShares Bitcoin Trust, seeking to establish a spot Bitcoin ETF. Fidelity had initially applied for the Wise Origin Bitcoin Trust in 2021 but faced rejection from the U.S. Securities and Exchange Commission (SEC) in 2022.
Following BlackRock’s spot ETF filing in June, several other fund companies, including Invesco and WisdomTree, have made similar filings. Reports earlier this week indicated that Fidelity was also preparing to submit its application.
In line with BlackRock’s filing, Fidelity’s recent paperwork includes a “surveillance sharing agreement” with an undisclosed U.S.-based bitcoin trading platform. This agreement aims to address the SEC’s concerns about market manipulation. Fidelity acknowledged the recent losses incurred by participants in the crypto market due to the insolvencies of custodians and centralised exchanges. They argued that accessing a vehicle like a spot Bitcoin ETF would have protected numerous investors.
As of now, the SEC has not decided on any of the new applications. While many are optimistic about BlackRock’s application—given the firm’s successful track record with 575 ETF applications, except for one—there are still sceptics in the market.