Financial Giant Fidelity Plans to Launch a Bitcoin ETF

Fidelity, one of the largest financial service providers in the world, is planning to launch a Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term ETF to expand the company’s digital currency business. The company said that the digital assets ecosystem has grown significantly in the last few years.

According to an official filing, the company is seeking approval from the Securities and Exchange Commission (SEC) for its Wise Origin Bitcoin Trust. Fidelity mentioned that the Trust will provide direct exposure to BTC.

Earlier this month, SkyBridge Capital, a New York-based investment firm, filed to launch a Bitcoin ETF. Goldman Sachs, one of the largest investment banks in the world, also applied for a BTC-related investment product recently.

There has been a surge in Bitcoin ETF applications in the US. In addition to Fidelity’s recent filing, Morgan Stanley, WisdomTree, VanEck and Valkyrie Digital Assets have also applied for BTC ETFs.

“The Wise Origin Bitcoin Trust provides direct exposure to BTC, and the shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index. 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 BTC directly, acquiring it from a Bitcoin spot market, or mining it. The Trust will not invest in derivatives. The Sponsor believes that the shares are designed to provide investors with a cost-effective and convenient way to invest in bitcoin without purchasing, holding and trading BTC directly,” Fidelity mentioned in the official filing.

Institutional Adoption of Bitcoin

Several companies around the world, including some of the largest names on Wall Street, have added Bitcoin to their balance sheets. The cryptocurrency has gained the attention of institutional investors. Meitu, a Chinese technology company, recently announced the purchase of $50 million worth of BTC and Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term. Earlier this month, Aker ASA, Norway’s $6 billion public company, announced the launch of a dedicated Bitcoin unit to invest in the world’s largest cryptocurrency.