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June 21, 2024
PI Global Investments

Fidelity Picks Jane Street, Cumberland to Trade Bitcoin (BTC) for Potential ETF

Fidelity Investments has chosen Jane Street and Cumberland DRW to buy and sell Bitcoin for its spot Bitcoin exchange-traded fund, if and when the ETF is approved by regulators.

The Boston-based asset manager has entered into agreements with the firms to act as third-party Bitcoin trading counterparties, according to a filing submitted to the US Securities and Exchange Commission Monday. The arrangement differs from that of other Bitcoin ETF applicants such as BlackRock Inc. and Franklin Templeton, both of which picked Coinbase Global Inc. to trade and custody Bitcoin. Fidelity is using unit Fidelity Digital Asset Services as Bitcoin custodian for its ETF.

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