TOTAL: Fidelity Rumored to Follow BlackRock in Filing for a Spot Bitcoin ETF
- After BlackRock filed for a spot BTC, Fidelity is now rumored to be pursuing the same strategy.
- Fidelity has already been involved in crypto investment for many years, but this would be a major advancement of their crypto stance.
- If Fidelity was granted permission for a spot Bitcoin ETF, it would be a major endorsement of the crypto market’s future.
After BlackRock announced their efforts to open what would be the first-ever approved spot Bitcoin ETF, investment giant Fidelity is now rumored to be doing the same. It’s also rumored that the firm is seeking to purchase crypto asset manager Grayscale, in a major push further into the crypto space.
It’s far from Fidelity’s first foray into the sphere, having operated BTC miners for almost 10 years, and having launched a digital asset-focused branch of the firm called Fidelity Digital Assets in 2018. If Fidelity, as the fourth-largest asset manager in the world, were to be successful in its application for a spot Bitcoin ETF, it would be a major endorsement of the sector and would prove that institutional-interest in crypto has not been defeated by falling crypto prices.
Fidelity Investments, commonly known as Fidelity, is a prominent and well-established American multinational financial services corporation. The company operates as an investment manager, providing a wide range of financial products and services to individual and institutional investors. Founded in 1946 by Edward C. Johnson II, Fidelity has grown into one of the largest and most respected investment groups in the world. It is headquartered in Boston, Massachusetts, and serves clients globally. The company operates through various subsidiaries, including Fidelity Brokerage Services, Fidelity Investments Institutional Services, and Fidelity International Limited.