120 days ago • Posted by Jasper Lawler
Fidelity plans to launch Bitcoin ETF (but BTC price lower after news)
Fidelity Investments unveiled plans Wednesday to launch an exchange-traded fund that tracks the price of bitcoin, furthering the money manager’s push to bring cryptocurrencies to mainstream finance.
The ETF, called Wise Origin Bitcoin Trust, will aim to match an index that takes spot prices from various bitcoin markets, including popular exchanges, Fidelity said in a securities filing. Fidelity Digital Assets will serve as the fund’s custodian, storing Wise Origin’s holdings.
The ETF, which requires the Securities and Exchange Commission’s approval, would mark a major step forward in the firm’s bitcoin ambitions.
Source: Fox Business