The post Investment Giant Fidelity Sets Sights on Bitcoin ETF, Rumors Suggest appeared first on Coinpedia Fintech News
Speculation is rife in the crypto community as rumors circulate about Fidelity, a major Wall Street player, reportedly gearing up to enter the Bitcoin Exchange-Traded Fund (ETF) arena.
Industry rumors suggest that Fidelity is actively working on the necessary framework and regulatory approvals to introduce a Bitcoin ETF in the United States, marking a significant move in bridging traditional finance with the digital asset space. This move is seen as a potential challenge to BlackRock, the wealth manager that recently ventured into the crypto space.
In response to the news, Max Keiser, a prominent Bitcoin advocate and a BTC advisor to the government of El Salvador, took to Twitter, stating “FOMO increases as #Bitcoin emerges the winner in the winner-take-all ‘crypto’ arena”, and emphasizing his belief that other cryptocurrencies will eventually dwindle in value against Bitcoin.
Another crypto advocate who came forward to reply to the rumor was John Deaton the owner, and founder of the CryptoLaw.US, who spoke out and expressed his support for Ripple. While it hasn’t been confirmed yet, he pointed out that BlackRock manages around $11 trillion in assets, while Fidelity manages about $4.5 trillion. Together, that’s a whopping $15.5 trillion. Deaton wondered how much of that might go into Bitcoin.
Fidelity’s Buzzed Moves to Acquire Grayscale
In addition to the Bitcoin ETF plans, rumors are circulating that Fidelity is also considering a bid for Grayscale, a leading digital asset management firm known for its popular Bitcoin investment trust (GBTC).
Acquiring Grayscale would further solidify Fidelity’s position in the cryptocurrency space and expand its portfolio of crypto-related products and services.
Grayscale, currently operating 17 cryptocurrency trusts, is a significant player with the Bitcoin Trust (GBTC) leading with $16.5 billion AUM.
It is important to note that while the rumors indicate Fidelity’s intention to enter the Bitcoin ETF market and explore a potential acquisition, no official announcements or confirmations have been made by the company at this time.
