The United States Securities and Exchange Commission (SEC) recently met with Fidelity regarding the latter’s application for a spot in the Bitcoin exchange-traded fund (ETF).
This meeting was focused on the operational details and functionality of the proposed Wise Origin Bitcoin Trust. Representatives from Cboe BZX Exchange, SEC, and Fidelity were present to delve into the specifics of the ETF application.
The discussion revolved around Cboe BZX’s proposal to list and trade shares of the Wise Origin Bitcoin Trust under its rules.
Fidelity presented a comprehensive overview using PowerPoint slides, explaining the operational framework of their Bitcoin ETF. Key highlights included strategies for efficient arbitrage and the importance of physical creation and redemption in enhancing trading efficiency and market pricing.
This meeting is part of a broader dialogue between the SEC and various spot Bitcoin ETF applicants, focusing on the technical aspects crucial for listing on U.S. exchanges.
Speculations and Anticipations
The cryptocurrency community has keenly observed the developments around approving a spot Bitcoin ETF in the United States. With numerous asset managers, including Hashdex, vying for approval, the industry anticipates the launch of the first U.S. spot Bitcoin ETF possibly by the second quarter of 2024.
Bloomberg ETF analysts Eric Balchunas and James Seyffart have expressed optimism about a simultaneous approval of all spot Bitcoin ETFs by January 10, coinciding with the SEC’s deadline for ARK Invest’s application.
This meeting between Fidelity and SEC marks a pivotal moment in the ongoing narrative surrounding the approval of a spot in the Bitcoin ETF in the U.S. market.
Also Read: Fidelity Lists FBTC Spot Bitcoin ETF on DTCC
