What You Need to Know
- Fidelity's two ETF filings follow SEC's rejection of its spot Blockchain ETF application.
- Fidelity filed for a fund that invests in crypto mining and blockchain and one involved in the Metaverse.
- BlackRock's iShares filed for a blockchain and tech ETF, which would be its first crypto-related ETF.
Wall Street is not giving up on ETFs that invest in Bitcoin or crypto-related industries and applications, including blockchain.
Last week, just one day after the Securities and Exchange Commission rejected Fidelity Investments’ application to trade a spot Bitcoin ETF, known as the Wise Origin Bitcoin Trust, Fidelity filed an application for an ETF that invests in companies engaged in cryptocurrency mining, support services and blockchain technology.
It also filed an application for a Metaverse ETF that invests in companies that collect at least half their revenues from investments in computing hardware and components, digital infrastructure, gaming technology and wearable technology.
Both ETFs would invest in proprietary equity indexes and both would be sub-advised by Geode Capital Management.