Fidelity Investments has taken a significant step in the cryptocurrency space by filing a securities registration application with the U.S. Securities and Exchange Commission (SEC) for its spot Bitcoin exchange-traded fund (ETF), according to Bloomberg analyst James Seyffart. The application, which is still in its preliminary stages, has been approved for listing under the symbol FBTC by the Cboe BZX Exchange.
According to Seyffart, Fidelity’s filing was “just a securities registration,” emphasizing the need for “19b-4 approval” and an “effective/approved/completed S-1 document.” He indicated that no 19b-4 approval has been granted yet, projecting further developments “next week.”
The asset management giant, overseeing more than $4.5 trillion, aims to make its Fidelity Wise Origin Bitcoin Fund a publicly traded security. This ambition is reflected in its Form 8-A filing with the SEC.
Form 8-A is an essential regulatory step for firms aiming to list securities on an exchange. Fidelity’s filing demonstrates its dedication to meeting regulatory benchmarks, setting the stage for its spot Bitcoin ETF to be introduced on a national securities exchange. By listing on the Cboe BZX Exchange, Fidelity positions itself at the forefront of the burgeoning ETF investment wave.
The timing of this filing is noteworthy, coinciding with a day when the crypto market experienced significant liquidation, losing over $540 million. Despite the volatile market conditions and skepticism from some quarters about the SEC’s stance on ETF applications, the industry remains hopeful.
In the backdrop of these developments, the crypto community is closely watching regulatory dynamics. The U.S. Commodity Futures Trading Commission (CFTC) and the SEC have recently issued contrasting comments regarding the jurisdiction of Bitcoin and other cryptocurrencies, adding to the prevailing uncertainty. This debate is crucial as it influences how these assets are traded and regulated.
Adding to the complexity, major Wall Street banks like Goldman Sachs are reportedly considering becoming involved in the Bitcoin ETF space as “authorized participants,” a role already eyed by JP Morgan in Blackrock’s ETF filing. The industry is eagerly anticipating any official announcements from the SEC, especially in the early January window, which many believe could be a decisive moment for the approval of spot ETFs.
