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- On June 15, 2023, Blackrock submitted an application for a spot Bitcoin ETF with the SEC.
- Fidelity manages $4.2 trillion in assets under management (AUM).
In what could represent a pivotal moment for the Bitcoin exchange-traded fund (ETF) sector, leading companies are hurrying to file applications with the U.S. SEC in June 2023. On June 15, 2023, Blackrock, the largest asset manager globally, filed for the same, quickly followed by rivals Invesco, WisdomTree, and Bitwise.
Collectively, these firms manage global assets totaling trillions of dollars, making their applications expected to significantly enhance the cryptocurrency market.
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This development has the potential to assist Bitcoin in addressing the most critical challenge facing the industry: shifting the perception of cryptocurrencies among traditional players in the financial markets. Fidelity Investments was previously reported to be preparing to file for a spot Bitcoin ETF. Reports indicate that the firm is now ready to proceed with the application.
Additionally, the third largest asset manager in the world, as noted by Wu Blockchain, was preparing to submit a spot Bitcoin ETF application. With $4.2 trillion in assets under management (AUM), Fidelity’s filing represents a substantial advantage for the entire sector.
The Bitcoin ETF application would mark the asset management firm’s second major initiative to enter the cryptocurrency space, following the collaborative launch of the non-custodial cryptocurrency exchange EDX Markets.
The company’s executives have been observing the cryptocurrency sector for an extended period and have already begun taking steps on multiple fronts to capitalize on it. In December 2022, the firm submitted three trademark applications, all pertaining to the Metaverse.
Furthermore, if the Bitcoin ETF filing is approved, the price of Bitcoin could experience a favorable increase, potentially reaching $31,000 and higher.
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