Cboe filing shows plans for Fidelity spot bitcoin ETF

Quick Take

  • A 19b-4 filing posted by Cboe on its website Thursday shows plans for a Fidelity spot bitcoin ETF. 

A 19b-4 filing posted by Cboe on its website Thursday shows plans for a Fidelity spot bitcoin ETF. 

Called Wise Origin Bitcoin Trust, FD Funds Management LLC is the sponsor of the Trust. Fidelity Digital Assets Services will be responsible for custody of the trust’s bitcoin, according to the filing.

"By using professional custodians and other service providers, the Trust provides investors interested in exposure to bitcoin with important protections that are not always available to investors that invest directly in bitcoin, including protection against insolvency of non-qualified custodians, cyberattacks, and other risks," the filing reads.

"If U.S. investors had access to vehicles such as the Trust for their bitcoin investments, instead of directing their bitcoin investments into loosely regulated offshore platforms (such as loosely regulated centralized exchanges that have since faced bankruptcy proceedings or other insolvencies), then countless investors could
have protected their principal investments in bitcoin and thus benefited," it continues.

Fidelity bitcoin ETF

A separate S-1 filing from Fidelity was not immediately visible on the SEC's Edgar website.

"I can confirm that CBOE-BZX Exchange filed with the SEC a proposed new listing rule for Fidelity’s bitcoin ETP, the Wise Origin Bitcoin Trust, today," a Fidelity spokesperson said in an emailed response to questions. "As with any preliminary registration statement, it would be premature to discuss additional details about the proposal at this time."

The Block reported earlier this week that Fidelity was close to submitting its own filing for a spot bitcoin exchange-traded fund, joining a long list of issuers keen to be first to market with such a product.

Fidelity first filed for the Wise Origin bitcoin ETF in 2021. The SEC has yet to approve a spot fund. 

(Updates with comment from Fidelity spokesperson.)

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