Fidelity Updates Bitcoin ETF Application Following SEC Comment; BTC Trading Volume Surges Over 100%.
Global asset manager Fidelity has recently filed its official application for a Spot Bitcoin ETF. However, the U.S. Securities and Exchange Commission (SEC) expressed that the initial filings made by Blackrock and Fidelity for Bitcoin ETFs lacked clarity and comprehensiveness. In response to the SEC’s comments, Fidelity has made updates to its application.
The SEC has determined that the proposals put forth by Blackrock and Fidelity for spot bitcoin exchange-traded funds (ETFs) were inadequate. However, the SEC has indicated that the exchanges are allowed to resubmit the filings. In response to this announcement, Fidelity has made updates to its filing.
In a swift response to the SEC’s comments, Fidelity has included Coinbase, the prominent cryptocurrency exchange, as its Self-Supporting Account (SSA) counterpart in the updated Spot Bitcoin ETF filing, which was announced on July 1. By making these changes to the application, Fidelity aims to address the concerns raised by the SEC.
Coinbase Joins Spot Bitcoin ETF:
Four issuers, along with Fidelity, are part of a group of eight firms seeking to introduce the first series of spot Bitcoin ETFs in the United States. Notably, the prominent cryptocurrency exchange, Coinbase, will provide market surveillance for each of the four funds. This significant detail was absent in earlier versions of the proposals.
While other issuers such as BlackRock have not officially confirmed Coinbase’s involvement, Fidelity, in its updated Spot Bitcoin ETF filing, explicitly named Coinbase as its SSA counterpart. Collaborating with Coinbase for the new series of ETFs could potentially boost income for Fidelity, particularly amid a period of low transaction volume on cryptocurrency exchanges.
After the filings by Blackrock, seven additional firms have submitted applications for spot Bitcoin ETFs to the SEC. This surge in filings reflects the growing interest of traditional financial services companies in entering the digital asset market.
As of the current writing, Bitcoin is trading at approximately $30,472, displaying a modest increase of over 0.10% in the last 24 hours. CoinMarketCap reports a significant surge in the trading volume of BTC, surpassing an impressive growth rate of over 100.02%.
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