BlackRock’s Bitcoin ETF Application Spurs Bullish Momentum as Fidelity Rumored to Follow Suit

The recent application by BlackRock, the world’s largest asset manager with $9.57 trillion in assets under management (AUM), for a Bitcoin spot ETF has generated optimistic sentiment in the market. Many experts believe that BlackRock has a high chance of approval due to its strong political connections and a track record of successful ETF applications. Out of the 576 applications filed with the US Securities and Exchange Commission, only one has been rejected, while the rest have been approved.

If the rumors circulating on Twitter turn out to be true, another major financial giant, Fidelity, could also be joining the Bitcoin ETF race. There are speculations that Fidelity, the third-largest asset manager with $4.283 billion AUM, might apply for a spot Bitcoin ETF and potentially make a bid for Grayscale, a leading crypto asset manager facing financial difficulties.

The source of this rumor appears to be Andrew Parish, the co-founder of Arch Public. Notable crypto influencers such as Scott Melker, Michaël van de Poppe, and Ash Crypto have also shared this rumor on their Twitter accounts. According to an anonymous source, Fidelity is planning a significant move in the crypto markets, which has been described as “seismic.”

Fidelity already has a strong presence in the Bitcoin and crypto space. In 2018, the company launched Fidelity Digital Assets (FDA), a separate subsidiary focused on cryptocurrencies, with $4.283 billion AUM. FDA offers various Bitcoin and crypto products and was the first company to allow investors to include crypto assets in their 401(k) retirement accounts. Additionally, FDA launched the Fidelity Advantage Bitcoin ETF in Canada in December 2021.

The potential bid for Grayscale is also attracting attention. Grayscale, a subsidiary of Digital Currency Group (DCG), has been facing financial challenges, and its parent company’s finances have been a topic of concern. Grayscale’s Bitcoin Grayscale Trust (GBTC) holds over 630,000 BTC, making it a significant player in the crypto market. The bankruptcy of DCG and Grayscale was previously considered a potential catastrophic event. However, if Fidelity were to rescue Grayscale and resolve the current 36.6% discount on GBTC, it could have a bullish impact on Bitcoin and the wider crypto market.


Source: Bitcoinist

Related Posts

Leave a Reply


Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

NCC and FintechNGR Renew Commitment to Deepen Nigeria’s Fintech Sector
July 18, 2024By
Pixelverse Announces Launch of PIXFI Token on TON
July 16, 2024By
South Korea’s Right-Wing Party Proposes Three-Year Delay in Crypto Gains Tax
July 16, 2024By


Video Posts

Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin64,172 0.01 % 1.15 % 12.51 %
Ethereum3,437.9 0.43 % 0.22 % 11.51 %
Tether0.9998 0.04 % 0.02 % 0.07 %
BNB572.62 0.12 % 0.50 % 10.22 %
Solana164.31 0.72 % 3.04 % 20.98 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %
? --- 0.00 % 0.00 %

Please enter CoinGecko Free Api Key to get this plugin works.