One of the largest asset management companies, Fidelity Investments, has filed an application to launch a tradable exchange-traded fund (ETF) on bitcoin with the US Securities and Exchange Commission (SEC).
According to the document, the fund will be called the Wise Origin Bitcoin ETF, sponsored by FD Funds Management LLC, and the administrator by Fidelity Service Company. In this case, the sponsor’s legal address coincides with the address of the headquarters of Fidelity Investments in Boston. The digital assets will be stored by the Fidelity Digital Assets division. The fund’s share price will be calculated according to the Fidelity Bitcoin Index PR’s own bitcoin price index.
“The trust provides direct access to bitcoin, and its shares are valued daily using the same methodology that is 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 derivatives market, ”the application says.
Recall that in August last year, Fidelity, which manages $ 8.3 trillion in assets, 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 massive market for investors and attracting more and more attention from institutional clients. A variety of investors are looking for access to bitcoin trading and diversified product bundles with access to digital assets, ”said a Fidelity spokesman.
There are already six applications for the launch of Bitcoin ETFs under consideration by the SEC, including from Fidelity. The latest application was submitted by SkyBridge Capital and First Advisors on March 22.
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