Fidelity is a global wealth manager based in Boston, Massachusetts. Fidelity is one of the big players in the financial sector. While in the past the focus was clearly on classic investment products, more recently Fidelity has decided to join the crypto market. As recently stated by Fidelity, it’s now planning to launch its own Bitcoin Trust. When is Fidelity launching crypto fund?
Well, Fidelity has already obtained approval from the Securities and Exchange Commission (SEC). If the application is approved, it will be the first Bitcoin ETF in the United States. In the past, all attempts to place an index fund on the largest cryptocurrency by market cap have failed. So when is Fidelity launching crypto fund? Let’s try to find out!
Fidelity Looking to Launch Crypto Fund: US Bitcoin ETH
The US financial supervisory authority (SEC) received an application from Fidelity looking to launch crypto fund in March. The index fund is called Wise Origin Bitcoin Trust and after approval, it will become the first Bitcoin ETF. Fidelity Bitcoin ETF shows the daily development of the leading cryptocurrency based on the Fidelity Bitcoin Index PR.
This index is a combination of various price data, which are intended to represent the price as precisely as possible. Fidelity itself describes its trust as a ‘direct commitment to Bitcoin’. The asset manager values trust shares on a daily basis using the same method that is used to calculate the index.
The custody business runs through its own bank Fidelity Digital Asset Services. In general, the administration, marketing, and sponsoring are distributed among several subsidiaries of the American asset manager. The president of the exchange-traded fund is Peter Jubber, who is already known as the head of the Fidelity Digital Fund.
Fidelity looking to launch crypto fund and wants to give its institutional customers easier access to the crypto market. Thus, if the Securities and Exchange Commission approves the trust, it will be the first crypto ETF allowed on the market in the United States.
Fidelity Plans to Launch Crypto ETF: The Latest News
In neighboring Canada, the authorities are apparently much more open about the introduction of exchange-traded index BTC funds. Two Bitcoin ETFs have been approved in Canada in the recent past. Fidelity plans to launch crypto fund in the United States, thus convincing the American supervisory authorities with a structured concept.
The asset manager has already warned that bond market events are forcing many financial service providers to look for new alternatives. The company is now serious about launching the Wise Origin Bitcoin Trust.
The fact that Fidelity is considered crypto-friendly is mainly due to the fact that the asset manager has already mined Bitcoin and Ether (ETH). Today, Fidelity plans to launch crypto fund and the SEC approval should only be a matter of time.
Fidelity Applies to Launch Crypto Fund: Final Conclusions
Being one of the largest asset managers in the world, Fidelity applies to launch crypto fund. So far, every application has failed due to insufficient anti-money laundering measures and the uncontrollable volatility of Bitcoin. If Fidelity succeeds in launching the Wise Origin Bitcoin Trust, it will be the first BTC trust of its kind. The SEC’s decision hasn’t been made yet, but many market observers are eagerly awaiting it.
What do you guys think about the fact that Fidelity applies to launch crypto fund? Feel free to share your thoughts in the comments!