Fidelity reportedly next to file for Bitcoin ETF while ARK may be ahead of BlackRock Bitcoin Exchangetradedfund ETF
- BlackRock helped spark a revival in the cryptocurrency market when it filed for a spot Bitcoin exchange-traded fund on June 15. Now another major investment manager is looking to follow suit with reports that Fidelity is preparing to file an application with the U.S. Securities and Exchange Commission .
Fidelity has declined to comment on this development at this time. With tens of millions of retail brokerage clients and more than $11 trillion in assets under management, a Bitcoin ETF approval for Fidelity would mark a major milestone for BTC and the broader cryptocurrency ecosystem. Yassine Elmandjra, an analyst with ARK, noted that while the BlackRock filing has set its application apart with the addition of “unique” exchange surveillance-sharing agreements intended to help prevent market manipulation, “other applicants will be able to amend their filings with similar agreements at little cost.”
While ARK may be ahead of BlackRock in line for approval, the world’s largest asset manager is still the driving force behind the renewed interest in the asset class, as highlighted by Bloomberg senior ETF analyst Eric Balchunas when he wrote, “And our bull case for spot bitcoin ETF approval can basically be summed up in four words: ‘What does BlackRock know?’”
According to Balchunas, “While we think spot bitcoin ETF has 50% chance of getting approved this year we also think there's 50% chance of denial.” He noted that if BlackRock uses Coinbase as its exchange, that could be an issue because the exchange is “not that big, nor is it regulated.”
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