Fidelidade is the latest asset management giant in a growing list of firms that aim to launch Bitcoin ETF in the US.
The company requested the financial watchdog’s permission to introduce its “Wise Origin Bitcoin ETF” in a recent filing with the U.S. Securities and Exchange Commission. Although the fund is sponsored by FD Funds Management LLC, Fidelity Service Company, Inc. is the administerer. According to this filing. It should be noted that both firms share the same address for Boston, MA.
The ETF will use the internal Bitcoin price index of the company if it is authorised. The paper states:
The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Index PR (the “Index”), adjusted for the Trust’s expenses and other liabilities.
In the meantime, the ETF product will offer Bitcoin direct exposure. The fund would allow investors to enter the Bitcoin market through a conventional brokerage without owning the asset directly.
The sixth company to request SEC approval is now Fidelity. So far, it has included WisdomTree Investments, VanEck Associates Corp., NYDIG, SkyBridge and Valkyrie digital properties. Investments have been included in this list.
In general, analysts are bullish that the Commission will produce the green light.