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Cboe Exchange registers Fidelity’s Bitcoin ETF, awaits SEC approval

TL;DR

  • Fidelity Investments has filed with the Cboe BZX Exchange to list shares of its proposed spot Bitcoin ETF, marking a significant step towards possible SEC approval.
  • The process requires further SEC approvals, including a 19b-4 and a completed S-1 document, with industry experts cautiously optimistic about the eventual green light.
  • Approval of a spot Bitcoin ETF by the SEC could significantly boost cryptocurrency adoption and advance blockchain technology acceptance in mainstream finance.

The United States-based Cboe BZX Exchange has accepted the registration for listing shares of a spot Bitcoin exchange-traded fund (ETF) proposed by Fidelity Investments. This step marks a crucial point in the journey of the Fidelity Wise Origin Bitcoin Fund towards potential SEC approval.

Understanding the SEC filing process

On January 3, the Fidelity Wise Origin Bitcoin Fund filed a Form 8-A with the U.S. Securities and Exchange Commission (SEC). This filing is a standard procedure in the registration of an ETF. However, it’s important to note that this does not guarantee SEC’s approval of the investment vehicle. The process includes needing a 19b-4 approval and a completed S-1 document.

James Seyffart, a Bloomberg ETF analyst, emphasized the importance of this step on social media platform X. He clarified that while this is a positive move, the approval of the ETF is not yet confirmed. Seyffart also referenced Bitwise’s spot Bitcoin ETF registration with NYSE Arca, highlighting that these filings are initial steps and not indicative of final approval.

Industry’s long wait for a spot BTC ETF

The journey towards a spot BTC ETF in the U.S. has been a long and uncertain one. Despite numerous applications from prominent asset managers like Bitwise, Fidelity, WisdomTree, and others, the SEC has yet to approve a spot BTC exchange-traded product for listing on a U.S. exchange. In contrast, the commission has approved investment vehicles linked to BTC and Ether ETH futures, a move seen as cautious but progressive.

The potential approval of a spot Bitcoin ETF by the SEC has been a topic of speculation within the crypto community. Experts, including Seyffart, speculate that multiple spot BTC exchange-traded product applications might receive approval soon. The industry is closely watching the January 10 deadline for a crypto investment vehicle from ARK Invest and 21Shares.

The approval of a spot Bitcoin ETF by the SEC could have significant implications for the crypto industry. It’s widely believed that such a move could increase cryptocurrency adoption and boost the acceptance of blockchain technology. This sentiment is echoed by many in the industry, who view the approval of a spot Bitcoin ETF as a key milestone in mainstream financial acceptance of cryptocurrencies. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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