Reports suggest that Fidelity Investments, the world's third-largest asset management firm, is on the verge of filing an application for a spot Bitcoin exchange-traded fund (ETF). This development comes after major corporations like Blackrock, Invesco, WisdomTree, and Bitwise filed for similar applications with the U.S. Securities and Exchange Commission (SEC) in June 2023.
Fidelity's potential filing is significant due to the company's substantial assets under management (AUM) of $4.2 trillion. It marks their second major foray into the cryptocurrency space, as they previously launched EDX Markets, a non-custodial crypto exchange. The firm has been exploring opportunities in the crypto market and filed trademark applications for services related to the Metaverse in December 2022.
If the filing is officially announced, it could have a positive impact on the Bitcoin price, potentially leading to an upswing towards the $31,000 mark and beyond. Fidelity's involvement in the #bitcoin ETF space, along with other major players, could help change the narrative around cryptocurrencies among traditional financial market participants.
