Fidelity latest Wall Street titan to join spot bitcoin ETF race - report

Fidelity Investments is preparing to submit an application for a spot bitcoin ( BTC-USD ) exchange-traded fund, following in the footsteps of fellow asset management giants racing to market the product, The Block reported Tuesday, citing a source familiar with the plans. The price of bitcoin ( BTC-USD ) edged up on the news with Wall Street interest on the rise, but has since pared back some of those gains, rising 0.7% to $30.6K at 11:21 a.m. ET. The asset manager could submit its BTC ETF filing as soon as Tuesday, the source told The Block , shortly after BlackRock ( BLK ) kicked off the ETF race , followed by Invesco ( IVZ ) and WisdomTree ( WT ). Note that this will mark Fidelity's second attempt to launch what would be the first-ever spot BTC ETF in the U.S. The firm filed for the product in 2021 but was denied by the U.S. Securities and Exchange Commission early last year. With large institutional players betting on bitcoin ( BTC-USD ), digital asset investment funds last week booked the largest week of inflows since last July. More on Fidelity and its foray into crypto Fidelity more bullish on crypto as its digital assets arm plans to boost headcount Fidelity to offer commission-free bitcoin, ether trading to retail Fidelity starts crypto unit