Fidelity Applies to Launch a Bitcoin ETF

March 25, 2021 6:21 AM EDT

FD Funds Management, a subsidiary of Fidelity, has filed a registration form to launch a Bitcoin ETF, the company confirmed last night.

The company said it filed a Form S-1 with the Securities and Exchange Commission (SEC), to start a registration process for its fund focused on digital assets. It declines to offer more information about the nature of the filing. The Bitcoin ETF will be tied to the Fidelity Bitcoin Index.

A few days ago, the SEC acknowledged the receipt of the Bitcoin ETF proposal, sponsored by VanEck. According to its rules and regulations, the SEC now has 45 days to approve, deny or prolong its review of the application.

“It’s just a matter of time. I think the time has come and there is a place in people’s portfolio for digital assets,” John Davi, CEO and chief investment officer at Astoria Portfolio Advisors, told CNBC.

“There’s plenty of other ETFs in the ecosystem which are much more obscure, triple-levered — you know, natural gas ... and VIX futures - so, I just think it’s the time for it.”

Bitcoin (BTC) price is trading about 1% higher today around the $53,000 mark.

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