Fidelity resubmits Bitcoin ETF application to compete for approval from well-known financial firms

Fidelity resubmits Bitcoin ETF application to compete for approval from well-known financial firms

Fidelity resubmits application for a Bitcoin ETF

According to Bloomberg ETF analyst James Seyffart, Fidelity Investments has resubmitted its application for a Bitcoin ETF. Although there are no significant differences between the two versions of the application, some formatting changes have been made.

This resubmission is part of a competition between notable financial firms to approve a Bitcoin ETF. Such an ETF would allow investors to access the cryptocurrency through traditional brokerage accounts.

In recent months, the desire for a Bitcoin ETF has increased. Prominent financial firms such as BlackRock, Invesco and WisdomTree are among the players that have filed or refiled with the US Securities and Exchange Commission (SEC). Both Nasdaq and Cboe Global Markets have refiled their filings after the SEC deemed the initial filings inadequate.

However, obtaining SEC approval for a Bitcoin ETF has proven challenging. So far, the regulator has consistently rejected crypto ETF applications. The fund companies have repeatedly tried to meet the strict requirements and address the SEC's concerns.

The launch of cryptocurrency ETFs, such as Jacobi Asset Management's first spot Bitcoin ETF in Europe, marks a significant milestone in the cryptocurrency space. These ETFs not only offer new investment opportunities, but also contribute to the growing acceptance and legitimacy of digital assets.