Business News Report
January 04, 2024

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.

Fidelity Boosts Spot Bitcoin ETF Bid with SEC Registration and CBOE Approval

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.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

The DOGE Frenzy: Analysing Dogecoin’s (DOGE) Recent Surge in Value

The cryptocurrency industry is rapidly expanding, and meme coins are preparing for a significant upswing. Dogecoin (DOGE), ...

Know More

The Evolution of AI-Generated Content in the Metaverse

The emergence of generative AI content is one of the most fascinating developments inside the virtual environment ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Modular Blockchain Sophon Announces Node Sale And Allocates 20% SOPH Token Supply To Node Operators
Business News Report Technology
Modular Blockchain Sophon Announces Node Sale And Allocates 20% SOPH Token Supply To Node Operators
April 19, 2024
MyShell Launches AI Consumer Layer 2 Network With AltLayer Powered By EigenDA And Optimism
Business Technology
MyShell Launches AI Consumer Layer 2 Network With AltLayer Powered By EigenDA And Optimism
April 19, 2024
HashKey Exchange Suspended Deposits And Withdrawals From Binance-Associated Addresses
Business Markets News Report
HashKey Exchange Suspended Deposits And Withdrawals From Binance-Associated Addresses
April 19, 2024
Tether Introduces USDT Stablecoin On TON Blockchain To Provide Its Ecosystem With Higher Liquidity
Markets News Report Technology
Tether Introduces USDT Stablecoin On TON Blockchain To Provide Its Ecosystem With Higher Liquidity
April 19, 2024