Fidelity Eyes Spot ETF as Bitcoin Nears One-Year High

Bitcoin is hovering around its one-year high as asset manager Fidelity reportedly readies its filing for a spot exchange-traded fund for the digital asset.

The world’s largest cryptocurrency traded at $30,855 at 10:25 a.m. in New York and is treading upward, nearing the digital asset’s 52-year high of $31,411 on June 23.

The rally comes as Fidelity is expected to submit a filing for a spot Bitcoin ETF, according to a report by crypto trade publication The Block, citing an unnamed source. The firm could submit its filing as soon as Tuesday, the report said.

“A genuine spot ETF would open up the door to flows of new cash which would drive a trickle-down effect in terms of volumes and interest,” said Darius Tabatabai, co-founder at decentralized exchange Vertex Protocol.

This is Fidelity’s second attempt for a Bitcoin ETF. Fidelity’s application for the Wise Origin Bitcoin Trust was denied by the US Securities and Exchange Commission in 2021.

Fidelity spokesperson Meghan Joumas declined to comment.

Recently, asset management giant BlackRock Inc. filed its application for a spot Bitcoin ETF, which sent Bitcoin to a new high this year.