Fidelity is one of several big investment managers that have dived into the crypto space in recent days. Investor sentiment was also dampened by the SEC's lawsuits against Binance and Coinbase Global, two major crypto exchanges, this month. The SEC has rejected several spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022.
The SEC has long opposed a spot bitcoin ETF, but a filing by BlackRock earlier this month has sparked optimism that the regulator could soften that stance.
The SEC has long opposed a spot bitcoin ETF, but a filing by BlackRock earlier this month has sparked optimism that the regulator could soften that stance.