Key Points:

• Fidelity may be contemplating a Bitcoin spot ETF filing or the acquisition of Grayscale.
• Grayscale has been attempting to convert the GBTC into a spot Bitcoin ETF for some time.
• Bitcoin could benefit greatly from this event.

According to Andrew Parish, co-founder of Arch Public, Fidelity is considering a seismic move in the crypto markets with a new deal.

Grayscale, a cryptocurrency company, has been advocating for the creation of a Bitcoin ETF for more than a year. Society’s desire will be realized—though possibly not in the way we anticipate—if the regulator is forced to listen to it.

Additionally, many cryptocurrency enthusiasts anticipate that the Securities and Exchange Commission (SEC) will respond to Grayscale’s actions within the next few days. As a consequence of this, the company that manages cryptocurrencies might be given the freedom to decline to transform its Bitcoin fund into an ETF.

Grayscale oversees 17 cryptocurrency trusts, including funds with one and more assets. With $16.5 billion, the Grayscale Bitcoin Trust (GBTC) has the most assets under management (AUM). Through trust shares, grayscale trust products offer accredited investors exposure to the underlying crypto asset(s). Similar to ETFs, grayscale trusts must comply with SEC reporting regulations, ensuring excellent investor protection.

The key differentiation is that a spot Bitcoin ETF would consider reclamation in BTC, while the Grayscale Bitcoin Trust doesn’t. Grayscale has been attempting to convert the GBTC into a spot Bitcoin ETF for some time. Grayscale filed a lawsuit against the SEC in June 2022 after the SEC rejected the conversion.

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Since 2014, Fidelity has been mining Bitcoin, which it describes as being “crypto-curious.” By 2018, it had established Fidelity Digital Assets (FDA), a brand-new company that specialized in cryptocurrencies. FDA has been granted a New York Trust Charter and will begin operations in Europe in 2020. One example of an FDA campaign to promote 401(k) digital asset trading is the Fidelity Crypto product, which lets customers trade Bitcoin and Ethereum alongside regular stocks.

Fidelity Investment’s involvement in the case may be seen as opportunistic if one is inclined to believe Grayscale will win against the SEC. The fund manager could simply use his victory over the American regulator to prevent similar actions in the future by purchasing the company.

BlackRock, the largest asset manager in the world, submitted a request for a Bitcoin spot exchange-traded fund on June 15. As a price driver and as a means of legitimizing the business, the move was widely regarded as advantageous to the cryptocurrency industry.

Parish also hypothesized that BlackRock and Fidelity might dominate the US digital asset market in light of these potential shifts and other recent developments.