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Finance

SEC Rejects Fidelity’s Wise Origin Bitcoin ETF Proposal

The rejection of a spot bitcoin ETF follows precedent and underlines the SEC's preference for ETFs that track the bitcoin futures market.

By Tanzeel Akhtar
AccessTimeIconJan 27, 2022 at 4:46 p.m. UTC
Updated May 11, 2023 at 5:58 p.m. UTC
(Mark Van Scyoc/Shutterstock)
(Mark Van Scyoc/Shutterstock)

The U.S. Securities and Exchange Commission (SEC) refused to approve a Fidelity spot bitcoin exchange-traded fund (ETF), adding to the recent list of rejected applications.

  • The rejection of Fidelity's application for the Wise Origin Bitcoin Trust on Thursday comes just seven days after the SEC threw out a spot bitcoin ETF application filed by investment advisory firm First Trust and hedge fund SkyBridge Capital.
  • The rejection follows the precedent set by the SEC in preferring ETFs that track bitcoin futures.
  • "While we are disappointed by the outcome of the SEC’s deliberations resulting in today’s disapproval order, we reaffirm our belief in market readiness for a physical bitcoin exchange traded product and look forward to continued constructive dialogue with the SEC," said a spokesperson from Fidelity.
  • In December, the regulator rejected investment firm Kryptoin's proposal to list a spot bitcoin ETF. It has also rejected spot bitcoin ETF proposals from VanEck and WisdomTree.
  • In October, the first-ever ETF backed by bitcoin futures was launched by ProShares trading on the New York Stock Exchange. Other approvals include the Valkyrie Bitcoin Strategy ETF and the VanEck Bitcoin Strategy ETF.
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    • Read more: SEC Rejects First Trust SkyBridge's Spot Bitcoin ETF Proposal

    UPDATE (Jan. 27 20:11 UTC): Added statement from Fidelity in third bullet point.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar
    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.

    Follow @Tanzeel_Akhtar on Twitter