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Fidelity is one of several big investment managers that have dived into the crypto space in recent days. Earlier this month, BlackRock (NYSE:BLK), WisdomTree, Invesco and VanEck also submitted paperwork for spot bitcoin ETFs.
The spate of filings from the so-called “traditional finance” heavyweights has breathed some life into an ailing crypto industry that has been under a dramatic crackdown since last year.
Investor sentiment was also dampened by the SEC’s lawsuits against Binance and Coinbase (NASDAQ:COIN) Global, two major crypto exchanges, this month.
The SEC has rejected several spot bitcoin ETF applications in the past few years, including one from Fidelity in January 2022.
Spot ETFs directly track the price of the cryptocurrency, while futures-based ETFs follow the price of bitcoin futures contracts.
