• Blackrock, Invesco, WisdomTree, and Bitwise have all recently applied for a spot Bitcoin ETF with the SEC.
• Fidelity Investments is reportedly filing for a spot Bitcoin ETF as well.
• If the application goes through it could potentially give a huge boost to the cryptocurrency market.
Fidelity Applies for Spot Bitcoin ETF
Fidelity Investments, one of the world’s largest asset managers with $4.2 trillion in assets under management (AUM), is reportedly filing an application for a Spot Bitcoin Exchange-Traded Fund (ETF). This comes after other prominent firms such Blackrock, Invesco, WisdomTree and Bitwise submitted their applications to the U.S. Securities and Exchange Commission (SEC) earlier this month.
Massive Boost For Cryptocurrency Market
The collective applications of these corporations could provide a major boost to the cryptocurrency market and help change public perception about digital assets among established financial players. If successful, Fidelity’s application would be its second significant effort to break into crypto space following their joint launch of non-custodial cryptocurrency exchange EDX Markets last year. The firm has also filed three trademark applications related to Metaverse back in December 2022.
Potential Price Surge
If Fidelity’s application for Bitcoin ETF gets approved by the SEC then it could lead to a potential surge in price of bitcoin which may reach up to $31,000 or higher according to some analysts. Moreover, it would also open doorways for further institutional investments into cryptocurrencies as more companies may follow suit soon after approval from regulatory authorities such as SEC in US & MAS in Singapore etc .
HSBC Now Allows Buying And Selling Of Bitcoin ETFs
In other news HSBC has now allowed buying and selling of bitcoin exchange-traded funds (ETFs) in Hong Kong which will make it easier for customers looking to gain exposure into cryptocurrencies without having direct ownership over tokens or coins themselves like traditional investing methods require them too .
Conclusion
Overall if Fidelity’s application does go through then it could be a watershed moment not just for bitcoin but entire digital asset industry as well given how big an impact such move can have on mainstream acceptance and adoption of cryptocurrencies globally .