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Cboe Global Markets has submitted a filing to the US Securities and Exchange Commission on behalf of Fidelity Investments, seeking approval to list and trade their bitcoin ETF – Wise Origin Bitcoin Trust.
A copy of the filing is available here.
In March the exchange filed with the SEC to potentially list and trade shares of the VanEck Bitcoin Trust, which could be the first US bitcoin ETF.
The Fidelity filing said Cboe first applied the the SEC to list an exchange-traded product to provide exposure to bitcoin in the U.S. on June 30, 2016.
“At that time, blockchain technology, and digital assets that utilized it, were relatively new to the broader public,” said Cboe. “The market cap of all bitcoin in existence at that time was approximately $10bn.”
Cboe BZX Exchange Backs Wise Origin Bitcoin ETF, Paves Way for SEC Review
May 11 2021 · 11:15 UTC by Benjamin Godfrey · 3 min read
Photo: Depositphotos
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The Cboe is known to be backing VanEck’s Bitcoin ETF move, which is similarly under consideration by the SEC.
The Cboe BZX Exchange has backed the Fidelity-linked Bitcoin Exchange Trade Fund (ETF) application dubbed Wise Origin Bitcoin Trust. The move was confirmed in a 19b-4 form filed by the exchange and submitted to the United States Securities and Exchange Commission (SEC). Through the move, the Cboe Exchange has crowned the Wise Origin Bitcoin ETF, for which the SEC can now begin its review process.
What You Need to Know
The SEC extended its 45-day decision timeframe to 90 days on the VanEck Bitcoin Trust.
The move “only delays the inevitable,” lawyer Nick Morgan says.
Cryptocurrency funds are already available in other countries.
The Securities and Exchange Commission has pushed off its decision on whether to approve a Bitcoin ETF for VanEck until at least June 17.
In a filing, the agency extended its 45-day decision timeframe to 90 days for VanEck and Cboe’s application to list a Bitcoin exchange-traded fund.
“The SEC continues to be thoughtful in its evaluation” of a Bitcoin ETF, Ric Edelman, founder of the RIA Digital Assets Council, told ThinkAdvisor on Tuesday in an email. “I am hopeful that the agency will conclude that approval of ETFs in this new asset class is better for investors because lack of such options is forcing investors to choose other paths which are often riskier and more expensive not to mention greater risk of fraud.”
Fidelity Launches Crypto Analytics Platform Sherlock
15 hours ago by Oluwapelumi Adejumo · 3 min read
Photo: Depositphotos
With its Sherlock platform, Fidelity aims to beat competitors in the data analysis space.
Fidelity Investments, a well-known asset manager famous for its foray into the crypto space, has unveiled another ingenious development among its list of services. On the 29th of April, Fidelity revealed a new program it had developed which was capable of analysing and collating data from digital assets. The program, known as Sherlock, will ”collect and perform fundamental and technical data analysis on blockchain, market forces, social sentiment and industry developments.”
A Bitcoin ETF could be on the horizon, but what does that mean for Bitcoin?
Bitcoin ETFs have been hot topics over the years. Many speculated that such an asset would help to introduce more traditional investors to Bitcoin. More attempts have been made to get Bitcoin ETFs to market as of late, and they are now more likely to happen than ever.
Fast Facts:
Recent proposals for Bitcoin ETFs have been made by VanEck, Valkyrie, NYDIG and Fidelity.
Attempts for Bitcoin ETFs have been made since Cameron and Tyler Winklevoss made a proposal in 2013 that was later rejected by the SEC.