Fidelity Investments filed form S-1 with the US SEC on December 29, 2023, to offer the Fidelity Wise Origin Bitcoin Fund shares via Cboe BZX Exchange.
In preparation for an imminent approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC), a Boston-based multinational financial services corporation with more than $4.3 trillion in assets under management (AUM) Fidelity Investments is making its final touches. Notably, Fidelity notified the US SEC through form 8-A on January 3 that an application for listing of the Fidelity Wise Origin Bitcoin Fund has been filed and approved by Cboe BZX Exchange under the symbol FBTC. The filing follows a report by Fox Business that the US SEC staff attorneys from the Division of Trading and Markets met with officials from three exchanges expected to list spot Bitcoin ETFs on Wednesday.
With the US SEC expected to issue a decision on the Ark 21Shares Bitcoin ETF as early as this Friday, the meeting with top exchanges and Fidelity’s approval points to an imminent spot in Bitcoin ETF soon. Moreover, Form 8-A is a registration statement used by companies as a necessary step before the spot ETF can be listed on the stock exchange. Additionally, the Form 8-A registration indicates that the ETF sponsor is complying with the SEC’s regulations.
Nonetheless, it is important to note that the filing of Form 8-A is only part of the ETF approval process, and the US SEC could end up delaying the approval based on other factors. In this regard, the US SEC could be risking being hit with several lawsuits for breach of a set law.
Worth noting that the State Street Corp (NYSE: STT) will act as the transfer agent and cash custodian of the Fidelity Wise Origin Bitcoin Fund. On the other hand, Fidelity Digital Asset Services will hold all the Fidelity Wise Origin Bitcoin Fund’s Bitcoins.
Bitcoin Market Picture amid Spot ETF Frenzy
Bitcoin price has led the altcoin industry in heightened volatility amid speculation of upcoming decisions by the US SEC. On Wednesday, more than $696 million was liquidated from the leverage crypto market with rumors of possible rejection of spot Bitcoin ETF by the US SEC. However, the cryptocurrency industry stabilized during the early Asian trading session on Thursday, with Bitcoin price trading around $43,190.
The approval of spot Bitcoin ETF in the United States has been debated whether it will be a sell-the-news event or vice versa. Moreover, the approval of spot Bitcoin ETF in the United States means more cash inflow to the crypto industry in the subsequent months and years. Additionally, the upcoming Bitcoin halving means fewer coins to flood the market amid heightened demand. Nonetheless, heightened crypto volatility is expected to continue in the coming days amid high-impact news.