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Bitcoin Briefly Pushes Above $31K After Fidelity Spot ETF Report

Fidelity previously applied for a spot bitcoin ETF in 2021, but the effort was rejected by the SEC.

By Lyllah Ledesma
AccessTimeIconJun 27, 2023 at 3:44 p.m. UTC
Updated Jun 28, 2023 at 5:39 p.m. UTC
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Bitcoin (BTC) saw a mid-morning price surge after The Block reported asset management giant Fidelity was preparing to file for a spot bitcoin ETF as soon as Tuesday.

The news prompted the price of bitcoin to rise from $30,600 to $31,000 in the space of a few minutes, though that quickly reversed, with the crypto trading back to $30,500 at press time, according to CoinDesk data.

“We are not able to confirm or share an update,” a Fidelity Investments spokesperson said in a statement to CoinDesk.

Fidelity previously applied for a spot bitcoin ETF in 2021, but its filing was rejected by the U.S. Securities and Exchange Commission (SEC) in 2022.

Earlier in June, fellow asset management giant BlackRock set off a flurry of spot bitcoin ETF filings and re-filings – not to mention a sizable rally in the bitcoin price – when its iShares unit submitted an application to the SEC for its own such fund.

Fidelity-backed EDX Markets, a crypto exchange aimed at large financial institutions, opened for business one week ago in the U.S.

Edited by Stephen Alpher.

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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.

Lyllah Ledesma
Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Follow @LedesmaLyllah on Twitter

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