Fidelity Boosts Spot Bitcoin ETF Bid with SEC Registration and CBOE Approval
In Brief
Fidelity submitted a securities registration S-1 Form to the SEC for its spot Bitcoin ETF, following the approved registration by the CBOE.
Multinational financial services corporation Fidelity submitted a securities registration application–S-1 Form–with the Securities and Exchange Commission (SEC) for its spot Bitcoin ETF. This filing follows the approved registration by the United States Chicago Board Options Exchange (CBOE) under the symbol Fidelity Advantage Bitcoin ETF (FBTC). The S-1 is still in its preliminary stages, with an expectation of progress in the coming week, according to Bloomberg analyst James Seyffart.
Earlier this week, the CBOE endorsed the registration of Fidelity’s spot Bitcoin ETF shares as securities on the Cboe BZX Exchange. Nonetheless, the Form 8-A filing, while a component of the ETF registration process with the SEC, does not necessarily imply the commission’s approval of the investment vehicle.
Bloomberg’s James Seyffart previously remarked that, aside from securities registration, the company requires a 19b-4 approval and an effective/approved/completed S-1 document to list the ETF. The recent development addresses this issue.
The difference between obtaining full SEC approval for a spot Bitcoin ETF and the registration with a US exchange might be confusing. Some experts, including James Seyffart, have put forth speculations that the commission may potentially approve several spot Bitcoin exchange-traded product applications before the January 10 final deadline for a crypto investment vehicle from ARK Invest and 21Shares.
Despite numerous applications from asset manager companies, the SEC has yet to grant approval for a spot Bitcoin exchange-traded product to be listed and traded on a US exchange. Nevertheless, the regulatory body has given its approval for investment vehicles associated with Bitcoin and Ethereum futures.
Anticipation Grows for Approval of Spot Bitcoin ETF
Earlier this week, Bitcoin surpassed $45,000 for the first time in two years. The increase in price is said to be linked to a sense of FOMO (fear of missing out) observed among certain traders in the United States and Europe. This surge in FOMO is driven by the anticipation of spot Bitcoin ETF approval this week, prompting these traders to engage in buying activities right at the beginning of the New Year.
Industry professionals suggest that the approval of a spot Bitcoin ETF could increase cryptocurrency adoption and foster greater acceptance of blockchain technology.
In the evolving landscape of cryptocurrency, Fidelity’s recent submission of a securities registration application for its spot Bitcoin ETF marks a pivotal moment that could secure approval and shape the trajectory of cryptocurrency adoption.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
