Bitcoin Nears 2-Month High as Fidelity ETF Amendment Bumps Bullish Sentiment

Fidelity updates its Bitcoin ETF application, signaling discussions with the Securities and Exchange Commission.
Bitcoin Nears 2-Month High as Fidelity ETF Amendment Bumps Bullish Sentiment

Late on Tuesday, financial behemoth Fidelity filed an amendment with the Securities and Exchange Commission (SEC) for its planned spot bitcoin exchange-traded fund, the Wise Origin Bitcoin Trust.

The document details, among other things, how it would safeguard users’ Bitcoin in custody accounts and acknowledges risks linked with the volatile regulatory situation surrounding cryptocurrencies.

The filling changes indicate that Fidelity is engaging in back-and-forth negotiations with SEC officials in order to receive the correct disclosures in their application.

Eric Balchunas, senior Bloomberg ETF analyst, tweeted about an altered application, stating, “Now Fidelity has filed an amended application.” Three down, maybe six to go.” This involves “them [the SEC and Fidelity] answering all the Staff’s comments and questions,” he says.

The form has been updated with information on custodial arrangements, hard fork mechanics, value (price) sources, and GAAP compliance. The file also includes risk disclosure about regulatory uncertainties, mining’s high energy use, and hazards concerning illegal activities.

More From The Kangaroo Times

Total
0
Shares
Related Posts
Total
0
Share