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SEC Rejects Fidelity’s Wise Origin Bitcoin ETF Proposal
The rejection of a spot bitcoin ETF follows precedent and underlines the SEC's preference for ETFs that track the bitcoin futures market.
The U.S. Securities and Exchange Commission (SEC) refused to approve a Fidelity spot bitcoin exchange-traded fund (ETF), adding to the recent list of rejected applications.
- The rejection of Fidelity's application for the Wise Origin Bitcoin Trust on Thursday comes just seven days after the SEC threw out a spot bitcoin ETF application filed by investment advisory firm First Trust and hedge fund SkyBridge Capital.
- The rejection follows the precedent set by the SEC in preferring ETFs that track bitcoin futures.
- "While we are disappointed by the outcome of the SEC’s deliberations resulting in today’s disapproval order, we reaffirm our belief in market readiness for a physical bitcoin exchange traded product and look forward to continued constructive dialogue with the SEC," said a spokesperson from Fidelity.
- In December, the regulator rejected investment firm Kryptoin's proposal to list a spot bitcoin ETF. It has also rejected spot bitcoin ETF proposals from VanEck and WisdomTree.
- In October, the first-ever ETF backed by bitcoin futures was launched by ProShares trading on the New York Stock Exchange. Other approvals include the Valkyrie Bitcoin Strategy ETF and the VanEck Bitcoin Strategy ETF.
Read more: SEC Rejects First Trust SkyBridge's Spot Bitcoin ETF Proposal
STORY CONTINUES BELOW
UPDATE (Jan. 27 20:11 UTC): Added statement from Fidelity in third bullet point.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
