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Fidelity Investments has reached an important milestone by listing its Bitcoin exchange-traded fund (ETF), known as FBTC, with the Depository Trust & Clearing Corporation (DTCC). The move comes at a time when the cryptocurrency market is closely watching the actions of the U.S. Securities and Exchange Commission (SEC), with a particular focus on the regulator’s review process for financial products related to cryptocurrencies.
The listing of Fidelity’s FBTC ETF matches the general expectation among investors and industry participants regarding the potential SEC approval of various spot Bitcoin ETFs. Currently, the price of bitcoin stands at $43,513, reflecting market optimism. Notably, Fidelity macro strategists recommended a minimum portfolio allocation to bitcoin due to its strong performance relative to traditional benchmarks such as the S&P 500. They also expressed their expectations for the upcoming approval of cryptocurrency products by regulatory authorities.
Moving forward, the SEC may collectively approve multiple Bitcoin ETFs between January 6 and 10, 2024. This strategic timeline aims to prevent a single entity from gaining an unfair advantage in the market. Fidelity and Blackrock are among the industry giants awaiting a decision. The SEC also extended the public comment period on a related Ethereum ETF proposal submitted by Fidelity, demonstrating a thorough evaluation process.
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