June 2023 is becoming a turning point in the Bitcoin ETF segment as major companies flock to file with the U.S. Securities and Exchange Commission (SEC). After Blackrock, the world's largest asset manager, filed the same application on June 15, 2023, other companies Invesco, WisdomTree and Bitwise followed in their footsteps.
These filings are likely to be a major boost for the crypto market, as these companies together manage trillions of dollars worth of assets worldwide. Therefore, this could help Bitcoin overcome the most important problem in the industry; This is to change the narrative about cryptocurrencies among traditional players in financial markets.
Previously, CoinGape reported that Fidelity Investments was preparing to apply for a spot Bitcoin ETF. On Tuesday, reports indicate the company was on the verge of filing the application.
Fidelity Bitcoin ETF
According to Wu Blockchain, the world's third-largest asset management firm was ready to file for a spot Bitcoin exchange-traded fund (ETF). This will be another filing after Blackrock, considering Fidelity has $4.2 trillion in assets under management (AUM).
The Bitcoin ETF filing will be the second major crypto-centric initiative by the asset management firm, which previously jointly launched EDX Markets, a non-custodial crypto exchange. The firm has long been interested in capitalizing on the crypto market opportunity and was working on multiple fronts.
In December 2022, the firm filed three trademarks for services in the Metaverse. Meanwhile, BTC price may experience a nice rally towards $31,000 and beyond once the Bitcoin ETF application is officially announced.
