Spot Bitcoin ETF by Fidelity Gains Entry to Active ETFs and Pre-Launch Catalog

Fidelity Investments’ spot Bitcoin exchange-traded fund (ETF) has recently earned a spot on the active and pre-launch list of the Depository Trust & Clearing Corporation (DTCC), a pivotal step for the company in the competitive race to secure approval for the first spot Bitcoin ETF in the United States.

Spot Bitcoin ETF by Fidelity Gains Entry to Active ETFs and Pre-Launch Catalog

As per DTCC data, Fidelity Investments’ spot Bitcoin ETF, known by the ticker FBTC, has been officially listed on the DTCC website under the name Wise Origin Bitcoin FD SHS. This listing serves as a significant indicator that the approval from the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF is on the verge of realization.

The growing anticipation surrounding the potential approval of a spot Bitcoin ETF continues to exert upward pressure on the price of Bitcoin. Concurrently, the Bitcoin Fear and Greed index has reached the ‘extreme greed’ range, suggesting a potential retracement before the initiation of another upward momentum.

In a related development, Jurrien Timmer, Fidelity’s Director of Global Macro, has expressed confidence in Bitcoin’s future, projecting a price of $1 million by 2038. Timmer’s outlook is grounded in Bitcoin’s perceived role as an inflation hedge, akin to gold, especially evident in 2020 amidst fiscal and monetary stimulus measures aimed at mitigating inflationary pressures.

According to Timmer, Bitcoin stands out compared to assets like the S&P 500 and Gold when considering the risk-to-return ratio. He advocates for the inclusion of a small allocation of Bitcoin in portfolios, suggesting that even a modest exposure to BTC could yield significant returns.