Fidelity Investments, one of the largest mutual fund companies in the US, might be closer to filing an application for approval of their own spot Bitcoin (BTC) exchange-traded fund (ETF). Speculations, which first appeared almost two weeks ago, have been confirmed by a source familiar with the company's plans, The Block reported yesterday (Tuesday).

Fidelity Joins the Bitcoin ETF Race

More large companies joined the race after BlackRock filed its own application to establish a spot Bitcoin ETF on 15 June. Invesco, WisdomTree, and Bitwise have also submitted their inquiries.

For some time now, there has been strong speculation that Fidelity Investments would take a similar step, as it had already presented similar plans in 2021.

UPDATE: @DigitalAssets and @Fidelity is about to make a seismic move in crypto via both $BTC and $ETH.

Sources expect Fidelity to either make a bid for @Grayscale or quickly launch their own spot #bitcoin ETF. One or both are coming, soon.

**Blackrock and Fidelity will own…

— Andrew (@AP_Abacus) June 18, 2023

Although it was unsuccessful two years ago and the application was finally rejected in early 2022 by the Securities and Exchange Commission (SEC Securities and Exchange Commission (SEC) The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha The Securities and Exchange Commission (SEC) is one of the most widely known independent authorities in the United States. The SEC has a wide range of responsibilities, helping police markets and curbing against abuse. This includes enforcing federal securities laws, proposing securities rules, and regulating the US’ stock and options exchanges.As one of the paramount regulatory authorities in the US, the SEC is responsible for the oversight of public companies in the aforementioned segments.Wha Read this Term), the company reportedly made another attempt.

The Block claims that the sources familiar with the matter suggested the possibility of filing such an application this week. However, Fidelity refused to comment on these rumors.

*FIDELITY PREPARING TO SUBMIT SPOT BITCOIN ETF FILING: THE BLOCK

— zerohedge (@zerohedge) June 27, 2023

Interestingly, ARK Investment Management had submitted a similar application to the SEC long before BlackRock filed its own spot Bitcoin ETF application. The fund, owned by famous investor Cathie Wood reported this in April.

Cryptocurrency ETFs Attract Record Amounts of Cash

Applications from companies such as BlackRock, WisdomTree, Invesco, and supposedly Fidelity have sparked a new fever in the digital assets market. Wall Street giants seem to be trying to grab a piece of the cryptocurrency pie since the United States has dealt with 'unregulated' exchanges like Binance and Coinbase.

The price of Bitcoin has bounced back by over 25% in a week, testing new annual highs and growing by 80% since the start of the year. However, network activity does not show either an increase in new users or higher volumes. The recent move was purely speculative and resulted from a record inflow of cash into existing cryptocurrency ETFs.

While the SEC has not agreed for years to create a spot Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term ETF, it has allowed trading exchange-traded funds based on the valuation of crypto futures contracts. One of the first was ProShares' BITO Bitcoin, which is mainly popular among institutional investors.

According to the latest data, BITO received an additional $65.3 million in just one week. Last Friday, the fund traded 500 million shares, one of the five best results in its history.

However, the growing popularity of regulated cryptocurrency instruments might not please Bitcoin's creator, the anonymous Satoshi Nakamoto. Bitcoin was supposed to be an alternative to the world of traditional finance. Nevertheless, the latest events show that its price has been rising in recent weeks solely thanks to 'old economy companies.