fbpx
QQQ
+ 1.74
327.29
+ 0.53%
DIA
+ 1.75
340.59
+ 0.51%
SPY
+ 1.33
414.46
+ 0.32%
TLT
+ 0.11
139.58
+ 0.08%
GLD
+ 2.78
164.53
+ 1.66%

Fidelity Looks To Launch ETF That Tracks The Price Of Bitcoin

March 25, 2021 12:13 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Fidelity Looks To Launch ETF That Tracks The Price Of Bitcoin

Fidelity moved to register a Bitcoin (BTC) exchange-traded fund, according to a preliminary filing made with the U.S. Securities and Exchange Commission. 

What Happened: Fidelity said its index will track “eligible” BTC spot markets and will reflect the performance of the apex cryptocurrency in U.S. dollars.

According to Fidelity, current spot markets include Coinbase, Bitstamp, Gemini, itBit, and Kraken.

See also: How to Buy Bitcoin (BTC)

“The Trust provides investors with the opportunity to access the market for bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring bitcoin directly, acquiring it from a bitcoin spot market, or mining it,” the financial services giant said in the filing.

Why It Matters: BTC frothed to an all-time high this month, touching $61,683.86 on Mar.13. At press time, the cryptocurrency traded 3.17% lower at $52,689.83.

The recent calming in prices has not diminished the interest of institutional investors in Bitcoin. 

SkyBridge Capital founder Anthony Scaramucci has also jumped in the fray to launch a Bitcoin fund aimed at affluent investors.

Meanwhile, Digital Currency Group already has a number of cryptocurrency funds in place. The Grayscale Bitcoin Trust (OTC:GBTC) closed 3.74% lower at $45 on Wednesday.


Related Articles

Traders Of Crypto Report: 70% Of The Decade's Largest Financial Hacks Involve Stolen Bitcoin

The past decade’s most significant financial hacks have been a crypto heist of some kind. read more

Crypto Broker Voyager Digital's AUM Crosses $2.4B After Record-Setting Month

Voyager Digital Ltd (CNSX: VYGR), a crypto-asset trading platform for retail and institutional investors, has witnessed a record-setting month. read more

Opinion: The Doge Days Are Over. You Invested in Dogecoin, Now What?

This column does not necessarily reflect the opinion of the editorial board of Benzinga. Everybody familiar with traditional investing knows that penny stocks are rife with fraud and scams. read more

Could Ripple's (XRP) Latest Legal Win Be 'Game Over' For The SEC Lawsuit?

Ripple, the company linked to the XRP (XRP) token, has secured yet another goal in its legal match with the U.S. Securities and Exchange Commission by getting a right to see how the regular determines which cryptocurrency is a security, CoinDesk reported Tuesday. read more