Fidelity pitches spot Bitcoin ETF model to SEC as regulatory talks advance
The U.S. Securities and Exchange Commission (SEC) met with Fidelity on December 7th to discuss the firm's application for a spot Bitcoin Exchange-Traded Fund (ETF). The meeting, which also included several members of CboeBZX, centered around a proposed rule change that would enable CboeBZX to list and trade shares of Fidelity's Wise Origin Bitcoin Trust. Fidelity's ETF model aims to offer cryptocurrency exposure through a structure that involves industry players in distinct roles to facilitate market flow. The SEC is reportedly in advanced discussions with other ETF firms regarding key technical details, with some sources suggesting that approval of relevant applications could be impending. Bloomberg ETF analysts estimate a 90% chance of a spot Bitcoin ETF being approved by January 2024.
