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Fidelity Investments Makes Progress Towards Approval of Bitcoin Spot ETF

Fidelity Investments Takes a Step Towards Approval of Bitcoin Spot ETF

Fidelity Investments has achieved a significant milestone in its journey towards launching a Bitcoin Spot Exchange-Traded Fund (ETF) by registering its shares as securities on the Cboe BZX exchange in the United States. This development, documented in a filing made on January 3 with the Securities and Exchange Commission (SEC), is a crucial step in the ETF introduction process, although it does not guarantee final approval from the commission.

The registration, formalized through the filing of Form 8-A, is a prerequisite for the ETF to be considered by the SEC. James Seyffart, a Bloomberg analyst specializing in ETFs, clarified that the definitive approval of an ETF requires a 19b-4 approval and an effective/approved/completed S-1 document. Similar filings have been made by Bitwise with NYSE Arca, but these actions do not yet mean concrete approval.

The industry and the crypto community are closely monitoring these developments, often causing confusion between registration on a US exchange and full approval by the SEC. Speculation remains about the potential approval of multiple applications for Bitcoin spot investment products before the final deadline of January 10 for the ARK Invest and 21Shares applications.

Perspectives on Crypto Adoption

Despite numerous asset manager applications, the SEC has not yet approved any Bitcoin Spot ETFs for listing and trading on a US exchange. However, the approval of such a product could mark a significant step towards increased adoption of crypto and broader acceptance of blockchain technology.

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