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Fidelity unveils Bitcoin ETF model to SEC as regulatory talks progress

Bitcoin: Fidelity unveils Bitcoin ETF model to SEC as regulatory talks progress

The U.S. Securities and Exchange Commission (SEC) recently disclosed that it held a meeting with Fidelity regarding Fidelity's spot Bitcoin ETF application. The meeting took place on December 7 and involved members of the SEC's Division of Corporate Finance as well as members of CboeBZX, the exchange where Fidelity's Wise Origin Bitcoin Trust would be listed and traded.

The focus of the meeting was a proposed rule change that would allow CboeBZX to list and trade shares of Fidelity's Bitcoin ETF. Fidelity's ETF model is designed to provide exposure to Bitcoin through a structure that involves various industry players with distinct roles. Authorized participants and broker-dealers work with issuers and custodians to create and redeem ETF shares, facilitating market flow. This setup allows market participants to gain price exposure to Bitcoin without directly handling the cryptocurrency.

It is worth noting that the #SEC has also disclosed meetings with other spot Bitcoin ETF applicants in recent weeks. These meetings are said to be in advanced stages and are focused on discussing key technical details. According to unnamed sources, the SEC is likely to approve the relevant ETF applications soon.

In addition to the meeting with Fidelity, the SEC has also met with BlackRock, another ETF firm, to discuss cash and in-kind models for #Bitcoin ETFs. Bloomberg ETF analyst Erich Balchunas previously suggested that cash models may be preferable due to potential difficulties in carrying out Bitcoin transactions under current U.S. regulations. However, more recent reports from Bloomberg ETF analyst James Seyffart suggest that some proposals will allow both cash and in-kind options.

Based on the estimations of Balchunas and Seyffart, there is a 90% chance that a spot Bitcoin ETF will be approved by January 2024.

In conclusion, the recent meeting between the SEC and #Fidelity regarding Fidelity's spot Bitcoin ETF application is part of the ongoing discussions and evaluations of various ETF proposals. The SEC has been engaging with multiple ETF firms and is reportedly close to approving the relevant applications. The outcome of these discussions will have significant implications for the future of Bitcoin ETFs in the United States.

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