Fidelity to File for Spot Bitcoin ETF Again

Asset management giant Fidelity is close to submitting its filing for a spot bitcoin exchange traded fund (ETF), the Block reported on Tuesday citing a source familiar with the matter.

The filing, expected as soon as Tuesday according to the report, will make Fidelity the second major asset manager in recent days to submit an ETF application.

Earlier this month, BlackRock BLK.N filed for a similar ETF.

The filings have been viewed as a vote of confidence for the crypto space, reigniting some retail interest in the industry which had felt renewed pressure after Binance and Coinbase Global COIN.O, two of the biggest crypto exchanges, came under fire from the U.S. Securities and Exchange Commission.

BlackRock's application had sparked a surge in the price of bitcoin to a 1-year high. On Tuesday, it was up 2.2%.

Fidelity had previously dipped its toes in the crypto ETF space. It applied for a spot bitcoin ETF in 2021, but its proposal was rejected by the SEC, which said it did not meet the standards to prevent fraudulent and manipulative practices.

(Source: Reuters)