Fidelity Investments and SkyBridge Capital are developing Bitcoin exchange-traded funds.
The Securities and Exchange Commission is now reviewing two applications for Bitcoin exchange-traded funds in the United States (ETFs).
Fidelity and SkyBridge are being investigated.
The SEC is looking into a Bitcoin ETF request from Fidelity Investments, according to a document dated May 25. Fidelity intends to introduce the Wise Origin Bitcoin Trust as an investment vehicle.
In March, Fidelity submitted documentation connected to the ETF, revealing that the product will trade on Cboe’s BZX platform.
SkyBridge Capital also intends to create its First Trust SkyBridge Bitcoin ETF Trust, according to a second filing dated May 21. The New York Stock Exchange would be the market for this commodity.
According to cryptocurrency news site Coindesk, the SEC is now reviewing eleven more ETF applications.
There are currently no Bitcoin ETFs available in the United States.
There have been no Bitcoin ETFs authorized in the United States so far. VanEck, NYDIG, and the Winklevoss twins have all attempted to launch a Bitcoin ETF in the past.
ETFs are also legal in other nations. Canada became the first jurisdiction in North America to approve a Bitcoin ETF in February. In Europe, other investment vehicles such as Bitcoin exchange-traded products (ETPs) have gained popularity.
Institutional investors can invest in a Bitcoin-linked asset through ETFs and ETPs. This eliminates the need for those investors to keep physical Bitcoin in their cryptocurrency wallets.