Fidelity and Goldman Sachs File for Bitcoin ETFs with SEC

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In Brief
  • Both Fidelity and Goldman Sachs have filed applications with the SEC for Bitcoin ETFs.

  • This would be a major step forward for the market, increasing accessibility.

  • Other countries like Canada have already approved ETFs, signaling growing popularity.

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Fidelity Investments and Goldman Sachs have filed applications to list Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC).

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In what is a major step forward for the crypto market, both Fidelity Investments and Goldman Sachs have filed for Bitcoin exchange-traded funds (ETF) with the U.S. SEC. Goldman Sachs filed the application on March 19, while Fidelity filed a few days later on March 24.

If successful, the firms would offer a fund that tracks Bitcoin’s price from exchanges based in the United States. Multiple firms have been trying for over a year to get an ETF approved in the US, and it has long been anticipated by the market.

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Analysts believe that it is only a matter of time before an ETF is approved, and indeed it does feel like it if a major incumbent like Goldman Sachs is getting into the game. Astoria Portfolio Advisor’s John Davi stated that it was only a matter of time before it happened.

Until now, US authorities have been hesitant to allow a Bitcoin ETF. This includes a failed attempt by Winklevoss-owned Gemini Exchange, which has built a reputation for being regulation compliant.

Fidelity Hopes for Wise Origin Bitcoin Trust

Fidelity’s Wise Origin Bitcoin Trust pulls data from Bitstamp, Coinbase, Gemini, itBit, and Kraken, some of America’s biggest exchanges. The filing notes the risks involved in investing in cryptocurrency, but also points out the innovative potential.

In an emailed statement to Bloomberg, Fidelity said,

“The digital assets ecosystem has grown significantly in recent years…an increasingly wide range of investors seeking access to Bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets.”

The filing states that FD Funds Management will be the sponsor of the fund, with Fidelity Service Company being the administrator. The fund was first revealed by Fidelity in August 2020.

Goldman’s ARK Innovation ETF

Meanwhile, Goldman Sachs ARK Innovation Fund offers exposure to Bitcoin and other cryptocurrencies. The filing reads,

“The ETF may have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust. The ETF’s exposure to cryptocurrency may change over time and, accordingly, such exposure may not always be represented in the ETF’s portfolio.”

The wording here is more tentative than that of Fidelity’s, but it’s clear that Goldman is seeking to offer emerging assets. We may have more clarity on this in the weeks to come.

The multinational investment bank has done a u-turn on cryptocurrencies. Recently, analysts from the bank targeted a $146,000 price for Bitcoin, though they expect it to settle lower. It has also reopened its crypto trading desk and may even release its own cryptocurrency.

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Rahul's cryptocurrency journey first began in 2014. With a postgraduate degree in finance, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has guided a number of startups to navigate the complex digital marketing and media outreach landscapes. His work has even influenced distinguished cryptocurrency exchanges and DeFi platforms worth millions of dollars.

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