Fidelity Investments and SkyBridge Capital are planning Bitcoin exchange-traded funds. The US Securities and Exchange Commission is reviewing two applications for Bitcoin exchange-traded funds (ETFs). Based on a filing dated May 25, the SEC is examining a Bitcoin ETF request from Fidelity Investments. Fidelity plans to launch an investment vehicle called the Wise Origin Bitcoin Trust. Fidelity previously filed documents related to its ETF in March; that news revealed the product would trade on Cboe’s BZX exchange. A separate filing from May 21 also indicates that SkyBridge Capital is planning to launch its First Trust SkyBridge Bitcoin ETF Trust. This product would trade on the New York Stock Exchange. There are approximately ten other ETF applications under review at the SEC, according to crypto news site Coindesk. To date, no Bitcoin ETFs have been approved within the United States. Previous attempts to file a Bitcoin ETF have been carried out by VanEck, NYDIG, and the Winklevoss twins. Additionally, other countries have permitted ETFs. In February, Canada became the first North American country to approve a Bitcoin ETF. Other investment vehicles, such as Bitcoin exchange-traded products (ETPs), have also become popular in Europe. ETFs and ETPs allow institutional investors to invest in an asset tied to the price of Bitcoin. This prevents the need for those investors to hold actual Bitcoin in a cryptocurrency wallet.Key Takeaways
Fidelity and SkyBridge Under Examination
No Bitcoin ETFs In the US Yet