Article: A Fidelity Bitcoin ETF Would Be Everyone’s Gain—But Grayscale’s Pain

Article - Media, Publications

A Fidelity Bitcoin ETF Would Be Everyone’s Gain—But Grayscale’s Pain

Jeff John Roberts,  27 March 2021

This time it’s different.

For years, Bitcoin companies have been banging on the SEC’s door in hopes of launching a Bitcoin ETF—only to have the agency reply with a hard no. But now one of the companies at the door is the mighty Fidelity Investments, and that’s likely to be a game changer.

In case you missed it, the Boston-based financial giant dropped paperwork this week to create an ETF (exchange-traded fund) called the Wise Origin Bitcoin Trust—a name some say is derived from the Japanese kanji for Satoshi Nakamoto. If approved, Fidelity’s Bitcoin fund would be traded as shares on public stock exchanges alongside the company’s other ETFs dedicated to bonds, blue-chip stocks and other assets.

If this comes to pass, it would be a huge win not just for Fidelity but for everyone who owns Bitcoin. The approval of a Bitcoin ETF would add another sheen of legitimacy to cryptocurrency and, more importantly, it would lead to a flood of new investment from both retail and institutional clients. All of this would likely cause the price of Bitcoin to moon, as they say. Continue reading “Article: A Fidelity Bitcoin ETF Would Be Everyone’s Gain—But Grayscale’s Pain”

Article: Fidelity Joins Race for US Bitcoin ETF

Article - Media, Publications

Fidelity Joins Race for US Bitcoin ETF

THESTREET CRYPTO,  25 March 2021

Fidelity has made an application with the U.S. securities regulator to offer a Bitcoin exchange-traded fund (ETF), according to public filings. The Block was the first to report on the application.

The asset management firm lodged paperwork for the Wise Origin Bitcoin Trust, which would track the price of Bitcoin using data from predominantly U.S.-based exchanges: Coinbase, Gemini, ItBit, Kraken and Bitstamp.

“An increasingly wide range of investors seeking access to Bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” a Fidelity spokesperson told Bloomberg.

Fidelity is perhaps the highest profile name to apply for a Bitcoin ETF this year. Five other contenders are vying to become the first U.S. Bitcoin ETF, including VanEck, First Advisors/Skybridge and NYDIG. Continue reading “Article: Fidelity Joins Race for US Bitcoin ETF”