The financial landscape is abuzz as Fidelity Investments engages with the U.S. Securities and Exchange Commission (SEC) regarding its spot Bitcoin exchange-traded fund (ETF) application. This development follows Fidelity’s initial submission of the application on June 19, shortly after other asset managers like BlackRock entered the fray. Despite a previous rejection by the SEC in 2022, Fidelity remains steadfast, evidenced by a recent meeting involving Cboe BZX Exchange representatives, SEC and Fidelity personnel to discuss the Wise Origin Bitcoin Trust’s functionalities .
The discussion pivoted around Cboe BZX’s proposal for listing and trading shares of the Wise Origin Bitcoin Trust, a critical step in Fidelity’s journey towards ETF approval. The meeting saw Fidelity presenting detailed PowerPoint slides, focusing on the operational framework of the Bitcoin ETF, emphasizing the importance of physical creation and redemption for trading efficiency and market pricing .
This engagement is part of a broader trend, with the SEC actively meeting various spot Bitcoin ETF applicants to deliberate on key technical details crucial for U.S. exchanges listing ETF shares. These meetings, shedding light on the SEC’s intricate review process, have stirred speculations about the approval of a spot Bitcoin ETF. Industry experts from Hashdex anticipate the first U.S. spot Bitcoin ETF by Q2 of 2024, aligning with Bloomberg analysts’ predictions of potential simultaneous approvals on January 10, a date coinciding with the SEC’s deadline for ARK Invest’s application .
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.