Fidelity Investments to file Spot Bitcoin ETF days after BlackRock

Fidelity Investments, the world’s third-largest asset management firm, is reportedly preparing to file a spot Bitcoin ETF. The investment giant’s reported move comes just days after the world’s largest asset management firm with over $9 trillion in assets under management, BlackRock (NYSE: BLK), submitted an application to the US Securities and Exchange Commission (SEC).

The US regulator has yet to approve a spot Bitcoin ETF, and last week’s move by BlackRock saw massive speculation as to whether the agency would now approve the first such product for the US market. Optimism across the markets saw the price of Bitcoin rise from under $25k and currently hovers above $26k.

Fidelity Investments said to be eyeing spot Bitcoin ETF

While Fidelity Investments, which also operates the Fidelity Digital Assets platform, has not publicly revealed any news of an imminent spot Bitcoin ETF, the rumours have been widely shared across CT.

According to crypto enthusiast and market expert Andrew Parish, Fidelity Investments is poised for a “seimic” move in crypto. Parish noted that the investment firm’s latest incursion in crypto will involve both Bitcoin (BTC) and Ethereum (ETH). The spot Bitcoin ETF could also involve Fidelity acquiring Grayscale Investments, Parish quoted sources.

Grayscale is a leading digital assets investment firm that sued SEC for rejecting its own spot Bitcoin ETF in 2022.

UPDATE: @DigitalAssets and @Fidelity is about to make a seismic move in crypto via both $BTC and $ETH.

Sources expect Fidelity to either make a bid for @Grayscale or quickly launch their own spot #bitcoin ETF. One or both are coming, soon.

**Blackrock and Fidelity will own…

— Andrew (@AP_Abacus) June 18, 2023

Parish says it wouldn’t be surprising to see Fidelity begin to offer staking services. The company opened Ethereum trading to institutional investors in October last year and already offers Bitcoin ETFs in other markets.

Scott Melker, “The Wolf Of All Streets”, and Mario Nawfal, host of Twitter’s Largest Spaces, will talk about Fidelity’s potential involvement in spot Bitcoin ETF. The event is scheduled for 10:15 am ET on Monday.

Will Fidelity be the next major institution to file for a Bitcoin Spot ETF? Are they going to make a play to buy Grayscale and $GBTC?

And can SBF really go free?

10:15 AM EST today.#CryptoTownHall https://t.co/ieWhWHSGhp

— The Wolf Of All Streets (@scottmelker) June 19, 2023

Bitcoin price reaction?

The news of Fidelity’s potential filing for a spot Bitcoin ETF could provide yet another bullish catalyst for the crypto market.

As highlighted here, the industry’s reaction to the BlackRock news saw Bitcoin price stem a slide that had threatened to allow bears target psychological levels in the $20-$22k region.