Fidelity of the U.S. applies for Bitcoin ETF

It was revealed that Fidelity Investments (hereinafter referred to as Fidelity), the world’s largest asset management company, submitted a business description of Bitcoin’s ETF (listed index fund) to the SEC. Coinpost reported this on the 25th.

According to the plan, the application name of the ETF is “Wise Origin Bitcoin ETF”. Fidelity is the ETF’s “Fund Manager” and the investment company FD Funds Management LLC is in charge of the ETF issuer. The’Fund Manager’ is an institution in charge of the preparation of financial reports and auditing of the financial situation, and as a’transfer agent’, it is also in charge of procedures such as managing the deposit and withdrawal, distribution, and commission of investment trusts, and the information of the holders.

In addition, Custudy in charge of the management of cryptocurrency Bitcoin, Fidelity Digital Assets, a cryptocurrency-related subsidiary of Fidelity. Fidelity’s own bitcoin (BTC) index is adopted for the bitcoin reference price used for ETFs, and it is solidified with its own group system.

In an interview with The Block, a media specializing in cryptocurrency, the company’s representative said, “The ecosystem system of digital assets has grown significantly in recent years, providing a stronger market environment for institutional investors and individual investors. As more investors want to have exposure to bitcoin, we need to offer a wider variety of products.”

Fidelity takes the lead in traditional finance and enters the bitcoin market. Established Fidelity Digital Assets in 2018, it currently provides a number of related services such as bitcoin custodial and OTC (over-the-counter) transactions, and a loan service using bitcoin as collateral. In addition, since 2015, it has been actively investing in bitcoin, such as mining hundreds of bitcoins and owning more than 10% of the Canadian bitcoin mining company Hut8.

In the US, there are no cases of Bitcoin ETF approval yet, but some point out that Fidelity, which has its own bitcoin infrastructure as a traditional finance, is also applying for an ETF, increasing market credibility and awareness, and the outlook for approval by the SEC will be brighter than before.

Other than that, multiple bitcoin ETFs such as VanEck and NYDIG are currently awaiting the SEC’s review.

(Yes. Financial Investments) )

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