Fidelity Names Coinbase as SSA Counterpart in Updated Spot Bitcoin ETF Filing

  • Fidelity updated the application after the SEC’s comment on the Bitcoin ETF filing.
  • The trading volume of BTC has experienced a massive surge of over 100.02%.

Fidelity, the global asset manager, has officially filed for its Spot Bitcoin ETF recently. The U.S. Securities and Exchange Commission stated that the filings made for the Bitcoin exchange-traded funds (ETF) by Blackrock and Fidelity were not sufficiently clear and comprehensive. After the SEC’s comments, Fidelity updated the application.

The SEC stated that the recent proposals by Blackrock and Fidelity to launch spot bitcoin exchange-traded funds (ETFs) deemed inadequate. Moreover, the SEC has mentioned that the exchanges can submit the filings. Following the SEC announcement, Fidelity has updated its filing.

On July 1, Fidelity named Coinbase, the leading crypto exchange, as its SSA counterpart in the updated Spot Bitcoin ETF filing. In response to the SEC’s comments, Fidelity swiftly updated its application, bringing Coinbase, the leading cryptocurrency exchange, on board as its Self-Supporting Account (SSA) counterpart in the amended filing.

Coinbase Enters the Spot Bitcoin ETF

The four issuers are among eight firms, including Fidelity, that want to launch the first set of US spot Bitcoin ETFs. The leading crypto exchange, Coinbase, would offer market surveillance in support of each of the four funds, a fact that wasn’t included in previous iterations. 

These other issuers, including BlackRock, declined to confirm whether Coinbase would involved. However, in the updated Spot Bitcoin ETF filing, Fidelity named Coinbase as its SSA. Being involved with the new crop of ETFs offered by Coinbase might result in an increase in income at a time when the volume of transactions on crypto exchanges is low.

Following the Blackrock filings, seven other firms have filed for spot Bitcoin ETFs with the SEC. Moreover, this indicates traditional financial services corporations’ rising interest in entering the market for digital assets.

At the time of writing, the trading price of Bitcoin is around $30,472, with an increase of over 0.10% in the last 24 hours. Moreover, the trading volume of BTC has experienced a massive surge of over 100.02%, according to CoinMarketCap.

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