The post Fidelity Investments Joining Bitcoin ETF Race, Fueling Crypto’s Institutional Adoption appeared first on Coinpedia Fintech News

June 2023 has become a significant month for the Bitcoin ETF (Exchange-Traded Fund) landscape, as prominent corporations are rushing to submit applications to the U.S. Securities and Exchange Commission (SEC). This surge of interest marks a pivotal moment in the evolution of Bitcoin investment opportunities.

There is a noticeable shift happening within the traditional financial markets regarding cryptocurrencies. BlackRock, the world’s largest asset manager, set the ball rolling by filing for a Bitcoin ETF on June 15, 2023. This move inspired other companies like Invesco, WisdomTree, and Bitwise to follow suit. Meanwhile, Fidelity Investments, a well-known financial institution, is also gearing up to file an application for a spot Bitcoin ETF.

Fidelity Investments Set To Join Bitcoin ETF Race

Fidelity Investments, the world’s third-largest asset management firm, is reportedly preparing to file for a spot Bitcoin exchange-traded fund (ETF). Following in the footsteps of BlackRock, this filing by Fidelity, which manages $4.2 trillion in assets, signifies another significant step towards embracing cryptocurrencies. This move follows their previous joint venture in launching EDX Markets, a non-custodial crypto exchange.

In December 2022, the company filed three trademark applications related to Metaverse services, showcasing their forward-thinking approach. As anticipation grows around the official announcement of the Bitcoin ETF filing, it may potentially contribute to a positive market sentiment, potentially driving the Bitcoin price towards the $31,000 mark and beyond.

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The recent filings by major asset management firms for Bitcoin ETFs are expected to provide significant support to the crypto market. With these companies collectively managing trillions of dollars in assets worldwide, their participation holds the potential to reshape the narrative around cryptocurrencies among traditional players in the financial markets.

The entry of major institutional players can alleviate doubts and build trust among traditional investors. This increased credibility and acceptance from established financial institutions may enhance Bitcoin’s reputation and tackle a key industry challenge.