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Fidelity Looking to Launch Bitcoin ETF

Fidelity Investments has announced plans to launch an exchange traded fund (ETF) that tracks the price of Bitcoin.

FD Funds Management, a subsidiary of Fidelity, on Wednesday submitted an S-1 filing to the Securities and Exchange Commission (SEC) outlining its intention to financially back the ETF.1 In the past year, the price of Bitcoin has jumped 687% to about $52,790.
The ETF, called Wise Origin Bitcoin Trust, will track the cryptocurrency through the Fidelity Bitcoin Index, which takes spot prices from various Bitcoin markets, including popular exchanges.

NEWS MARKETS NEWS
Fidelity Looking to Launch Bitcoin ETF
The fund still needs to be approved by the SEC
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By ELANA DURE Updated Mar 25, 2021
Fidelity Investments has announced plans to launch an exchange traded fund (ETF) that tracks the price of Bitcoin.

FD Funds Management, a subsidiary of Fidelity, on Wednesday submitted an S-1 filing to the Securities and Exchange Commission (SEC) outlining its intention to financially back the ETF.1 In the past year, the price of Bitcoin has jumped 687% to about $52,790.



The ETF, called Wise Origin Bitcoin Trust, will track the cryptocurrency through the Fidelity Bitcoin Index, which takes spot prices from various Bitcoin markets, including popular exchanges.


This is the latest move by Fidelity to bring cryptocurrencies to mainstream finance. The money manager previously experimented with mining cryptocurrency, allowed clients to donate digital assets to charities, and launched plans to store and trade Bitcoin for professional investors.

However, the ETF still needs to be approved by the SEC, which previously rejected applications for nine Bitcoin ETFs in 2018.2 The regulator previously argued that the market was not ready for a Bitcoin ETF yet. But last week, the SEC acknowledged a Bitcoin ETF proposal from VanEck.3

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NEWS MARKETS NEWS
Fidelity Looking to Launch Bitcoin ETF
The fund still needs to be approved by the SEC
FACEBOOK
TWITTER
LINKEDIN
By ELANA DURE Updated Mar 25, 2021
Fidelity Investments has announced plans to launch an exchange traded fund (ETF) that tracks the price of Bitcoin.

FD Funds Management, a subsidiary of Fidelity, on Wednesday submitted an S-1 filing to the Securities and Exchange Commission (SEC) outlining its intention to financially back the ETF.1 In the past year, the price of Bitcoin has jumped 687% to about $52,790.



The ETF, called Wise Origin Bitcoin Trust, will track the cryptocurrency through the Fidelity Bitcoin Index, which takes spot prices from various Bitcoin markets, including popular exchanges.


This is the latest move by Fidelity to bring cryptocurrencies to mainstream finance. The money manager previously experimented with mining cryptocurrency, allowed clients to donate digital assets to charities, and launched plans to store and trade Bitcoin for professional investors.

However, the ETF still needs to be approved by the SEC, which previously rejected applications for nine Bitcoin ETFs in 2018.2 The regulator previously argued that the market was not ready for a Bitcoin ETF yet. But last week, the SEC acknowledged a Bitcoin ETF proposal from VanEck.3

Compete Risk Free with $100,000 in Virtual Cash
Put your trading skills to the test with our FREE Stock Simulator. Compete with thousands of Investopedia traders and trade your way to the top! Submit trades in a virtual environment before you start risking your own money. Practice trading strategies so that when you’re ready to enter the real market, you’ve had the practice you need. Try our Stock Simulator today >>

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