The Cboe BZX Exchange in the United States has approved the registration of shares for a proposed Bitcoin exchange-traded fund (ETF) by Fidelity Investments. This is a significant milestone for the Fidelity Wise Origin Bitcoin Fund as it moves closer to potential approval by the U.S. Securities and Exchange Commission (SEC).
Fidelity Investments, one of the world’s largest asset managers, has been actively exploring the cryptocurrency space and has shown a strong interest in Bitcoin. The company launched its Wise Origin Bitcoin Fund last year, a passively managed Bitcoin ETF that provides exposure to the digital asset without directly holding it. The approval from Cboe BZX Exchange means that the shares of this ETF can now be listed on the exchange once approved by the SEC.
While the registration acceptance is a positive development, it does not guarantee that the SEC will approve the ETF. The SEC has been cautious about approving cryptocurrency ETFs in the past, citing concerns over market manipulation and investor protection. However, there have been recent signs of growing acceptance towards crypto ETFs, with Canada approving several Bitcoin ETFs earlier this year.
If the Fidelity Wise Origin Bitcoin Fund receives SEC approval, it would be a significant win for the cryptocurrency industry, as it could open the doors for more institutional investors to enter the market. As the demand for Bitcoin exposure continues to rise, ETFs provide a regulated and accessible way for investors to gain exposure to the digital asset. The approval of Fidelity’s Bitcoin ETF would mark another step towards the mainstream adoption of cryptocurrencies.
In summary, the registration acceptance of Fidelity’s Bitcoin ETF by the Cboe BZX Exchange brings the fund one step closer to potential SEC approval. While the SEC’s decision is yet to be made, the acceptance of a Bitcoin ETF by a major exchange and asset manager like Fidelity signifies the growing acceptance and interest in cryptocurrencies in the traditional finance industry. If approved, this ETF could pave the way for institutional investors to join the crypto market and contribute to its further growth.
