Fidelity, one of the world’s largest financial service providers, plans to launch a Bitcoin ETF to expand its digital currency business. The financial company said that the digital assets ecosystem has grown significantly in the last few years. According to an official filing, Fidelity is seeking approval from the Securities and Exchange Commission (SEC) for its Wise Origin Bitcoin Trust. Fidelity mentioned that the Trust would provide direct exposure to BTC.
Bitcoin ETF applications surge in the US.
Earlier this month, SkyBridge Capital, a New York-based investment firm, filed to launch a Bitcoin ETF. Goldman Sachs, one of the world’s largest investment banks, also recently applied for a BTC-related investment product. There has been a surge in Bitcoin ETF applications in the US. In addition to Fidelity’s recent filing, Morgan Stanley, WisdomTree, VanEck, and Valkyrie Digital Assets have also applied for BTC ETFs. “The Wise Origin Bitcoin Trust provides direct exposure to BTC, and the shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index,” the filing stated.
Several major companies add bitcoin to their balance sheets.
Several major companies across countries, including some of the largest names on Wall Street like Tesla, have added Bitcoin to their balance sheets. The cryptocurrency industry has gained the attention of institutional investors. As reported earlier, Meitu, a Chinese technology company, recently announced the purchase of $50 million worth of BTC and Ethereum. Earlier this month, Aker ASA, Norway’s $6 billion public company, announced the launch of a dedicated Bitcoin unit to invest in the world’s largest cryptocurrency. The hopes of having a BTC ETF approved by the US SEC have increased since the new administration took place.