Overnight, Bitcoin continued to stabilize above $30,000. Volatility is getting lower and lower, and both bulls and bears have no intention to change the status quo.
Just after asset management giant BlackRock strongly submitted its Bitcoin spot trust product/ETF, various Wall Street institutions launched another round of Bitcoin spot ETF application race.
Cathie Wood, the founder of Ark Invest, which was once famous on Wall Street for its big bets on Tesla and Bitcoin, also caught up with this train. Moreover, she was faster and earlier than BlackRock, and she specially revised the application documents in response to the key concerns of the SEC. Cathie Wood is full of confidence and claims that she will definitely be approved before BlackRock and become the first person to invest in a US stock Bitcoin spot ETF!
However, BlackRock, as a giant on Wall Street, is no pushover. Historically, BlackRock has applied for 575 ETFs, and only one was not approved, making it the little prince of over-approval.
Fidelity, another Wall Street fund giant, has had its share of ups and downs.
As we all know, Fidelity announced its entry into the crypto industry as early as 2019. In 2021, Fidelity submitted an application for a spot ETF called Wise Origin Bitcoin Trust to the US Securities and Exchange Commission (SEC). The SEC was very moved, and then formally rejected Fidelity's application on January 27, 2022. The rejection letter is posted on the SEC's official website.
After being rejected by the goddess, Fuda remained silent for a period of time. This silence lasted for a year and a half.
"If those two words hadn't trembled/I wouldn't have realized how uncomfortable I was/No matter how I said it/It would just be a breakup..."
The goddess' rejection letter was very long, 54 pages long. The reasons for rejection were very sufficient, no house (large spot trading platform), no car (monitoring sharing agreement), no household registration (SEC registration).
Fidelity reflected on its mistakes behind closed doors, made up its mind, and worked hard. Then we saw Fidelity, Citadel, and Schwab jointly launch the EDXM exchange.
Now, a year and a half has passed, and handsome men from all walks of life are swarming around the goddess's pomegranate skirt, vying for the first place. Ark Invest rented a luxury car from somewhere (it revised the terms of the monitoring sharing agreement specifically to address the SEC's concerns). BlackRock, a wealthy second-generation and unrivaled lover, also has his eyes on the goddess. Fidelity can no longer remain silent or hesitate, it must act quickly!
So Fidelity took action again and submitted the application form overnight.
