Briefly

• it is said that Fidelity Investments is close to submitting its application for a Bitcoin exchange-traded fund.
• The introduction of exchange-traded funds (ETFs) gives cautious investors a chance to get exposed to Bitcoin.
• BlackRock, Invesco, and WisdomTree are just a few of the major financial institutions that have submitted applications for Bitcoin ETFs.

Multiple reports on Tuesday stated that the Boston-based asset manager Fidelity Investments was finishing up its application for a Bitcoin exchange-traded fund (ETF). The ETF will follow the cost of Bitcoin, permitting financial backers to exchange shares addressing possession the cryptographic money.

Reuters and other sources quickly picked up on the news after The Block reported Fidelity’s dramatic expansion of its presence in the digital asset sector. ETFs are appealing to a lot of investors because they offer a regulated and simple way to gain exposure to Bitcoin (BTC) without having to own and store the currency itself. The news caused a brief rise in the price of Bitcoin, but the rise quickly subsided.

A Flurry of Bitcoin ETFs

The news comes closely following new institutional interest in the crypto business and comparable ETFs. The first utilized crypto ETF in quite a while — Unpredictability Offers’ 2x Bitcoin Methodology ETF (BITX) — began exchanging on Tuesday. Since it was approved by the US Securities and Exchange Commission (SEC) on Friday, it has seen around $4.2 million in trading volume.

BlackRock, Invesco, and WisdomTree, among other financial giants, have also applied for Bitcoin exchange-traded funds.

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TradFi Is Growing More Confident in Bitcoin

This week, Circle’s CEO, Jeremy Allaire, told Bloomberg he expects Bitcoin ETF applications to gain approval as providers address regulator’s concerns.