SEC filing points to Fidelity on creating a bitcoin ETF

by Thetaos

I think this is big enough news to warrant a post even if it deals with bitcoin as it deals with one of the largest brokerages in the world and also would allow people with normal investments accounts (IRAs) to gain easy exposure to bitcoin.

Take a look at the following filing

www.sec.gov/Archives/edgar/data/1852317/000119312521092598/d133565ds1.htm

FD Funds Management LLC the sponsor of the fund; Fidelity Service Company, Inc. serving as administrator. FD Funds Management LLC lists the Address as Fidelity’s headquarters in Boston.

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From the fling

“The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the Fidelity Bitcoin Index PR (the “Index”), adjusted for the Trust’s expenses and other liabilities,” the filing notes, explaining elsewhere: “The Trust provides direct exposure to bitcoin, and the Shares of the Trust are valued on a daily basis using the same methodology used to calculate the Index. The Trust provides investors with the opportunity to access the market for bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring bitcoin directly, acquiring it from a bitcoin spot market, or mining it.”

 

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