Financial services company Fidelity Investments asked the U.S. Securities and Exchange Commission (SEC) last week to approve its bitcoin exchange-traded fund (ETF), according to documents dug up by Bloomberg.
Background: Fidelity filed an application for a Bitcoin ETF in March. This was part of a push to go into digital assets.
Bigger Picture: About a dozen other financial companies have submitted similar applications to the SEC. All of them are still pending. The SEC does not appear to be moving towards approval anytime soon.
Experts Weigh In: In August, an analyst with Bloomberg predicted that the SEC will approve of a Bitcoin Futures ETF as early as October.
Final Thoughts: A Bitcoin ETF or a Bitcoin Futures ETF provides a way for more investors to get exposure to cryptocurrency investments.
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