In a recent flurry of events indicating growing institutional interest in Bitcoin, Fidelity Investments has resubmitted his application for a spot Bitcoin ETF. The move comes after several other major players in the financial industry also filed similar documents, cementing Bitcoin’s position as a sought-after asset for mainstream investors.
The momentum started with BlackRock, one of the world’s largest asset management companies, filing for a spot bitcoin ETF. Although they weren’t the first – ARK Investments and 21Shares had already applied for spot ETFs – they initiated the cascading effect that we see now. Investment firms Bitwise And Invesco both reapplied for their own spot ETFs, which they had previously submitted.
Shortly after, WisdomTree, an investment management firm renowned for its innovative exchange-traded products, filed its own application for a spot Bitcoin ETF. Adding to the now-growing list of companies looking to launch spot Bitcoin ETFs, Valkyrie Investments has joined the race.
Meanwhile, ARK, a major investment management firm, amended its 19b-4 filing for a spot Bitcoin ETF, solidifying its position in the race for approval. With the inclusion of a surveillance sharing agreement between CBOE and a crypto exchange (likely Coinbase), ARK’s filing aligns with BlackRock’s strategy and puts them front and center to potentially be approved first, account given their early filing.
However, amid this competition, Fidelity Investments reentered the fray by applying for a spot Bitcoin ETF again. Fidelity, a trusted name in the financial industry, brings its significant expertise and reputation to the bitcoin market, further solidifying the idea that bitcoin is gaining acceptance among institutional investors.
Jaymes Seyffart, ETF analyst at Bloomberg, caught on Twitter to share his guesses as to when deposits can be addressed, noting that the dates on which deposits will be approved or declined are not accurate.
This series of events demonstrates the growing recognition of Bitcoin’s potential as a mainstream asset class. As more and more established financial institutions and investment management firms join the race to offer Bitcoin ETFs, it is becoming clear that Bitcoin is no longer just a niche investment for early adopters.