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Fidelity is next to enable bitcoin crazeINTL

Fidelity is next to enable bitcoin craze

Fidelity just became the latest mainstream name to book a seat on the cryptocurrency train (hurry up, it’s about to sell out!). The investment giant applied to have its own bitcoin exchange traded fund (EFT) as it works its way up the digital asset ladder.

This new EFT, called Wise Origin Bitcoin Trust, will aim to track bitcoin’s performance. For those who don’t know, EFTs are funds that can be traded on a stock market — they allow you to buy and sell a basket of assets without having to purchase each one individually.

But, before you get too excited, the filing needs to be accepted by the Securities and Exchange Commission, which has repeatedly shut down requests for bitcoin ETFs in the past. If approved, this could be a major breakthrough toward Fidelity Investment’s larger virtual asset ambitions.

why it matters
Wall Street has slowly but surely been embracing cryptocurrencies as investors ask for a wider range of products and exposure to virtual assets. And so, the market seems to be catering — VanEck also filed a bitcoin ETF proposal with the SEC last week and cryptocurrency exchange Coinbase is about to score one of the biggest IPOs ever.