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US Fidelity Bitcoin ETF to start examination


Fidelity’s Bitcoin ETF begins review

Bitcoin (BTC) ETF (Exchange Traded Fund) applied by US financial giant Fidelity, the exchange “Cboe BZX Exchange (Cboe)” operated by Cboe Global Markets submits an application to become a listing destination I found out that I did.

Since the listing destination has been decided by Cboe’s application, the examination of Fidelity’s Bitcoin ETF will start. First, the examination will be conducted for 45 days, but the decision on whether to approve it can be extended. The US Securities and Exchange Commission (SEC) has stipulated that a maximum of 240 days can be spent on examination.

The name of Fidelity’s ETF is “Wise Origin Bitcoin Trust”. It was discovered that the application was submitted to the SEC in March of this year, and it attracted attention because it was the first case of an application by a traditional financial company.

In the application document “FORM S-1” at that time, the listing destination was blank. In this application, it is stated that the listing destination will be Cboe.

On the 10th, Cboe submitted a new application document “Form 19b-4” to the SEC in order to apply for listing.

Relation: US Fidelity to Bitcoin ETF application

So far, there have been no cases of Bitcoin ETF approval in the United States. The SEC often points out “risk of market manipulation” as one of the reasons for rejecting the approval.

In the application documents, Cboe points out that the possibility of Bitcoin market manipulation is currently greatly reduced. He explains that the Bitcoin market is mature as the number of investors increases and demand from institutional investors and businesses increases.

“If we approve this application, the SEC will have the opportunity to provide US investors with a highly regulatory and transparent Bitcoin ETF,” he said.

Gary Gensler, also known as a crypto asset (cryptocurrency) expert, has been appointed as the SEC’s secretary, and there is a view that Bitcoin ETFs may be approved in the United States this year. Multiple Bitcoin ETFs have been filed in the United States, details are summarized in the article below.

Relation: Bitcoin ETF (Exchange Traded Fund) Latest Information Summary


Author: K. Kobayashi
Reference: Cboe

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“Cryptocurrency” means “cryptographic assets”

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