One of the largest asset management companies, Fidelity Investments, has filed an application to launch a bitcoin-traded exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC).
According to the document, the fund will be called Wise Origin Bitcoin ETF, its sponsor will be FD Funds Management LLC, and the administrator will be Fidelity Service Company. At the same time, the legal address of the sponsor is the same as the address of the headquarters of Fidelity Investments in Boston. The Fidelity Digital Assets division will store digital assets. The fund’s share price will be calculated according to its own bitcoin price index, the Fidelity Bitcoin Index PR.
“The Trust provides direct access to bitcoin, and its shares are evaluated daily using the same methodology used to calculate the index. The fund provides investors with the opportunity to access bitcoin trading through a traditional brokerage account without the risks associated with buying, storing and transferring bitcoins directly, mining them or buying them on the futures market,” the application notes.
Recall that in August last year, Fidelity, which manages assets worth $ 8.3 trillion, launched an index fund for bitcoin called Wise Origin Bitcoin Index Fund I.
“The digital asset ecosystem has grown significantly in recent years, creating a large-scale market for investors and attracting more and more attention from institutional clients. A wide variety of investors are looking for access to bitcoin trading and diversified product sets with access to digital assets, ” said a Fidelity representative.Currently, the SEC is considering six applications for the launch of ETFs for bitcoin, including from Fidelity. The latest bid was submitted by SkyBridge Capital and First Advisors on March 22.