Boston, MA - 7/11/17 - A Fidelity Investments Boston branch in the Financial District on Tuesday, July 11, 2017. Fidelity will reportedly layoff thousands of employees, a sizable percentage of their total workforce, in the near future. (Nicholas Pfosi for The Boston Globe) No LOID#
According to rumors, Fidelity Investments have reportedly expressed interest in filing for a similar iShares Spot Bitcoin ETF days after BlackRock did. The company is also reportedly planning on submitting a bid to acquire Grayscale Investments.
Fidelity, the world’s third-largest asset management firm bragging a total of $4.2T assets under management, is planning on filing for a similar iShares bitcoin ETF as BlackRock did on June 15. It is interested in spreading its wingspan and even buying the largest digital asset management firm, Grayscale Investments.
The news of Fidelity following in the footsteps of BlackRock to join the crypto space did not come as unexpected. The crypto community had anticipated a similar move, given those top TradFi institutions like BlackRock, Fidelity, and Vanguard are known to have stiff competition. As such, it was expected that other competitors would follow BlackRock into the digital assets market sooner than later.
The story remains unconfirmed as Fidelity has not yet issued any public announcement or made a publicly known filing for the ETF. It all began with a tweet from Arch Public co-founder Andrew Parish who said that close sources gave him the scoop. It has gone on to be spread on Twitter by other famous influencers like Ash Crypto and Scott Melker.
In the tweet, Parish wrote:
“UPDATE: Fidelity Digital Assets and Fidelity are about to make a seismic move in crypto via both BTC and ETH. Sources expect Fidelity to either make a bid for Grayscale or quickly launch their own spot Bitcoin ETF. One or both are coming, soon. **Blackrock and Fidelity will own the crypto space in the US.”
If this news comes true, then a race into the crypto space via trading digital assets, offering digital assets products, and or launching original digital assets will be most probable. However, only time will tell how the turn of events will go.
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