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March 2, 2024
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Fidelity Files For Bitcoin ETF Registration As Securities


Asset manager Fidelity filed for registration of securities with the US Securities and Exchanges Commission (SEC) for its spot Bitcoin ETF. This comes amid widespread expectations around the approval of spot ETF filings before January 10, 2024.

Also Read: Crypto Lawyer Names Legal Implication of Spot Bitcoin ETF Denial

Fidelity Bitcoin ETF Shares As Securities

According to the form 8-A filing with the U.S. SEC, Fidelity filed for registration of shares of beneficial interest of Fidelity Wise Origin Bitcoin Fund. The filing comes amid widespread uncertainty around whether or not crypto assets like Bitcoin are securities or commodities. The Bitcoin ETFs track Bitcoin BTC price and trade on traditional markets rather than cryptocurrency, providing indirect exposure to the crypto space.

In the recent times, the United States Commodity Futures Trading Commission (CFTC) and the SEC issued contrasting comments around whose jurisdiction the trading of Bitcoin and other cryptocurrencies falls, causing widespread uncertainty among traders and investors.

ETF Approval Before January 10?

In what could be yet another Wall Street bank’s involvement in the Bitcoin ETF space, reports said that Goldman Sachs is currently in deliberations with BlackRock and Grayscale to become an “authorized participant” (AP). JP Morgan was already mentioned as the lead AP in the recent filing by Blackrock for its ETF filing. Meanwhile, it remains to be seen if the SEC officials would make any official announcement on the spot ETF approval early next week, during the January 8-10, 2024 window.

Earlier, CoinGape reported that Fidelity’s spot Bitcoin ETF has been added to the active and pre-launch list of the Depository Trust & Clearing Corporation (DTCC). The Fidelity spot ETF was listed under the ticker FBTC with the DTCC. Following this, the Bitwise spot Bitcoin ETF has also been added to the active and pre-launch list of the DTCC.

Also Read: Crypto Transactions Over $10,000 Face Stricter IRS Scrutiny Under New US Rules



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