Bitcoin Briefly Pushes Above $31K After Fidelity Spot ETF Filing

Asset management giant Fidelity is preparing to submit its own filing for a spot bitcoin exchange-traded fund. The news helped push bitcoin above the $31,000 mark earlier today. The Block reports: The launch of a spot bitcoin ETF has been described as a gamechanger among market pundits since it can provide a way for investors to get exposure to the market without having to deal with the underlying asset. BlackRock's filing specifically has been pointed out as significant given the firm's size and significance in global markets. "BlackRock's decision to file for a Bitcoin ETF signals that large institutional players are positive on the long-term outlook for the digital asset," Ark analyst Yassine Elmandjra wrote. Fidelity is also a powerhouse, with tens of millions of retail brokerage clients and over $11 trillion in assets under its administration. The firm is also no stranger to crypto as it has operated an institutional custody and trading services business in the market since 2018. [...] This will be Fidelity's second attempt at such a product. In 2021, it filed for a bitcoin spot exchange-traded fund called the Wise Origin Bitcoin Trust but was denied by the U.S. Securities and Exchange Commission in early 2022.

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