Fidelity readies new spot bitcoin ETF filing – report

Fidelity is expected to file for a spot bitcoin exchange-traded fund (ETF), joining other major asset managers like BlackRock and WisdomTree. The filing has helped reverse negative sentiment in the cryptocurrency markets. If approved, the bitcoin ETFs could open the door for more institutional and high-net-worth retail investors to enter the crypto space. However, the Securities and Exchange Commission has rejected previous applications over concerns of market manipulation. Fidelity is also part of a consortium that recently launched a crypto exchange called EDX Markets. Grayscale Investment is suing the SEC over the rejection of its application to convert its spot Grayscale Bitcoin Trust into an ETF.