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Fidelity is applying for two more crypto ETFs

 


After rejecting Fidelity's direct Bitcoin ETF, the investment firm is now applying for two more indirect index funds.


Fidelity Investments does not appear to be deterred by the fact that the American Securities and Exchange Commission only rejected its "direct" Bitcoin index fund (ETF) on Thursday. Despite this bankruptcy, the company has now applied for two more ETFs related to the crypto industry. These are the Fidelity Crypto Industry and Digital Payments ETF and the Fidelity Metaverse ETF.


In rejecting the Wise Origin Bitcoin ETF, regulators had argued that listing exchange Cboe BZX “does not have adequate oversight capabilities in the relevant markets” to prevent fraud and ensure investor protection.


To counter this argument, the two new ETFs do not invest directly in cryptocurrencies. Rather, the securities of companies that handle crypto or are active in the Metaverse are to be mapped in the index funds. In addition, the companies in question must generate significant sales in order to be included in the ETFs.

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