Fidelity Joins Crowded Field with Bitcoin ETF Filing

Fidelity Investments has filed an application for a spot Bitcoin exchange-traded fund (ETF), becoming the seventh applicant this year. The asset manager's previous application for the Wise Origin Trust was denied last year. Fidelity argues that the lack of a spot Bitcoin ETF exposes US investors to significant risk and forces them to seek riskier alternatives. The SEC has yet to approve any spot BTC ETF applications. Fidelity Digital Assets Services would be responsible for custody of the trust's BTC.