SEC Rejects Fidelity’s Spot Bitcoin ETF Proposal

The U.S. Securities and Exchange Commission (SEC) has rejected a Fidelity spot bitcoin exchange-traded fund (ETF), adding to a list of applications that have been denied. Fidelity’s proposal for the Wise Origin Bitcoin Trust was denied by the Securities and Exchange Commission on Thursday, just seven days after the SEC rejected an application for a spot bitcoin ETF filed by investment advisory firm First Trust and hedge fund SkyBridge Capital. Currently, SEC is preferring ETFs that track bitcoin futures. “While we are disappointed by the outcome of the SEC’s deliberations resulting in today’s disapproval order, we reaffirm our belief in market readiness for a physical bitcoin exchange-traded product and look forward to continued constructive dialogue with the SEC,” stated a Fidelity spokeswoman. In December, Krypton’s proposal to list a spot Bitcoin ETF was also rejected.  VanEck and WisdomTree’s plans for a spot bitcoin ETF were also denied. ProShares, which trades on the New York Stock Exchange, introduced the first-ever ETF backed by bitcoin futures in October. The VanEck Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF have also been approved.

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