Bitcoin (BTC) ETF: Fidelity Applies for Fund That Tracks the Cryptocurrency

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Photographer: Andrey Rudakov / Bloomberg

Photographer: Andrey Rudakov / Bloomberg

Fidelity Investments filed for listing of an exchange traded Bitcoin fund that would track the cryptocurrency based on prices from US exchanges.

The company’s Wise Orgin Bitcoin Trust would use underlying prices from exchanges like Bitstamp, Coinbase, Gemini, itBit and Kraken, Fidelity said in a notice filed with the Securities and Exchange Commission on Wednesday.

The application comes a month after North America’s first bitcoin ETFs, including the Purpose Bitcoin ETF and another from Evolve Funds Group, started trading in Canada.

Several other proposals for Bitcoin ETFs in the US, including proposals by Gemini Crypto Exchange founders Cameron and Tyler Winklevoss, have failed the SEC pattern.

“The digital asset ecosystem has grown significantly in recent years, creating an even more robust market for investors and accelerating demand among institutions,” said Fidelity in a statement sent via email. “An ever wider range of investors seeking access to Bitcoin have emphasized the need for a wider range of products that offer exposure to digital assets.”

– With the support of Claire Ballentine

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