Fidelity, a giant in financial services, met with the U.S. SEC recently regarding its spot BTC ETF application. Similar to Blackrock, the largest asset manager in the world, Fidelity does appear to be pushing to utilize the in-kind development model for its spot Bitcoin ETF.
Fidelity’s Meeting With SEC:
Fidelity’s officials met with the people from the SEC’s Division of Corporation Finance and Division of Trading and Markets on Thursday. They discussed the application of the firm for a spot BTC ETF, Wise Origin Bitcoin Trust, as per the SEC website’s memorandum.
This memorandum stated, “The discussion concerned Cboe BZX’s proposed rule change to list and trade shares of the Wise Origin Bitcoin Trust under Cboe BZX Rule 14.11(e)(4).”
Depending on the presentation associated with the memorandum that Fidelity submitted to the SEC during the meeting, the two of them discussed the model for Fidelity’s spot BTC ETF. The presentation featured the procedure for the “in-kind redeem” and the “in-kind crate” flow.
Recently, the SEC also met with multiple exchanges as well as other spot ETF applicants related to their applications. After such discussions, multiple applicants including Blackrock, did revise their official filings. Most notably, Blackrock advocated for the in-kind creation model, even proposing an accurately modified version for addressing any potential concerns for the SEC.
At the moment, investors are eagerly awaiting the decision of the SEC on spot BTC ETF, with Vaneck even making predictions about initial approvals to come through by next year’s first quarter. This could go on to trigger a massive inflow of more than 2.4 billion dollars into these basic investment products located in a similar timeframe, as per the asset manager.