- BlackRock iShares Spot Bitcoin ETF has caused a domino effect among TradFi institutions, with Fidelity wanting in
- Fidelity Investments is rumoured to want to file for a similar ETF with the U.S. SEC and or also look forward to submitting a bid for Grayscale, the largest digital assets manager.
Fidelity Investments is rumoured to be planning on filing for an iShares Bitcoin ETF on top of acquiring troubled digital assets manager Grayscale. The news comes at a time when the crypto space is anticipating the swarming of TradFi institutions into the crypto industry following an initial bold move by BlackRock.
BlackRock’s gravity pulls Fidelity into the crypto space
BlackRock’s June 15, 2023, move into the crypto space by applying for an iShares Bitcoin ETF might have caused a ripple effect in the traditional finance markets. As a result of the move, the third largest investment manager, Fidelity Investments ($4.3T in Assets Under Management), is reportedly planning on making a similar move.
However, Fidelity Investments could make a bigger shocker move by submitting a bid for troubled digital assets manager, Grayscale. Grayscale has been the largest digital assets manager in the world turmoil has rocked it lately owing to the ongoing bear market. As such, it could be available for sale, which is a move that could give Fidelity Investments an edge against other TradFi institutions that might enter the crypto market.
The news of the asset manager wanting to join the crypto industry hasn’t officially been confirmed, as Arch Public co-founder Andrew Parish broke it on Twitter. Parish claims an anonymous source presented it but does not go without expressing concern over the top TradFi institutions overbuying crypto assets as they have done with stock markets.
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