Fidelity is preparing to submit a Bitcoin spot ETF, blockchain concept stocks rise across the board
According to a report by The Block, sources indicate that Wall Street giant Fidelity is set to refile for a Bitcoin spot ETF. Yesterday, blockchain-related stocks surged across the board, with Coinbase rising by 12.84%, MicroStrategy by 6.26%, and BTC and ETH seeing 1.38% and 1.68% gains in the past 24 hours, outperforming major stock market indices once again.
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Following BlackRock's submission of a Bitcoin spot ETF filing on June 15, other asset management companies have also followed suit, including Invesco, WisdomTree, and Valkyrie.
According to The Block, Fidelity is set to make another attempt at applying for a Bitcoin spot ETF. In March 2021, it had filed for a Bitcoin spot ETF named Wise Origin Bitcoin Trust, which was rejected by the U.S. Securities and Exchange Commission in early 2022. However, its Fidelity Advantage Bitcoin ETF in Canada has already been successfully listed on the Toronto Stock Exchange, currently holding 1,687 bitcoins with net assets of $67.4 million.
Perhaps inspired by Fidelity's submission of a Bitcoin spot ETF application, blockchain-related stocks surged yesterday, with Coinbase up by 12.84%, MicroStrategy up by 6.26%, and mining companies like Marathon Digital, RIOT, and Hut 8 also showing decent gains. Both BTC and ETH saw a 24-hour increase of 1.38% and 1.68% respectively, outperforming major U.S. stock indices once again.
