Fidelity is close to submitting a request to create an ETF in bitcoin that will track the value of the cryptocurrency in the spot market.
This is the second request from an investment giant for a spot bitcoin ETF.
Earlier in June, BlackRock had also submitted a request for a similar ETF in June.
The price of bitcoin is up 1.5% at $30,642.
The moves by the investment giants are seen as a vote of confidence in cryptocurrencies, rekindling retail investors’ interest in the sector, which had been shaken after the US Securities and Exchange Commission (SEC) filed a lawsuit against cryptocurrency exchanges Binance and Coinbase.
BlackRock’s filing earlier in June sparked a rally in the price of bitcoin to a year high.
A spot bitcoin ETF is an investment vehicle that tracks the price of bitcoin on the spot market. On the other hand, bitcoin ETFs based on bitcoin futures track the price of bitcoin futures and have been treated more favorably by the SEC.
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