The $4.9 trillion asset management entity Fidelity Investments has reportedly submitted documents with the US SEC for the listing of a new Bitcoin (BTC) exchange-traded fund. 

Specifically, the SEC has reportedly received submission papers for the new fund – dubbed “The Wise Origin Bitcoin Trust” – on March 24th. The EFT will be dedicated to tracking the crypto currency’s day-to-day performance, via leveraging the Fidelity Bitcoin Index PR, an index that’s derived from several price feeds.

“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 incorporating location for the fund is reportedly Delaware, with Fidelity Digital Asset Services listed as custodian. 

Fidelity reportedly shared that an access gateway will be available to investors, via a traditional brokerage account without the “potential barriers to entry or risks involved with holding or transferring bitcoin directly.”

The same as other proposed Bitcoin ETFs, the Fidelity Trust has a goal of establishing numerous alternative measures for tapping into cryptocurrencies. 

Rumours of a U.S. Bitcoin ETF has been surfacing since the 2017 bull market. Up to now, SEC regulators have turned down all proposals for Bitcoin securitization in an ETF, because of worries of extreme volatility and price manipulation. 

Proponents of the flagship cryptocurrency believe the trend will reportedly be different now, given the maturity displayed in Bitcoin as an asset class. 

Goldman Sachs has previously submitted the filing for a new ETF, that features the choice for adding Bitcoin exposure. The Autocallable Contingent Coupon Coupon ETF-Linked Notes “may have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust”.