Fidelity Investments reportedly pushed the US Securities and Exchange Commission (SEC) to approve its Bitcoin exchange-traded fund (ETF) in a private meeting recently.
Multinational financial services firm Fidelity Investment tried to persuade the SEC to clear its Bitcoin ETF application in a private meeting. According to a Bloomberg report, the attempt was made during a September 8 video call between Fidelity Digital Assets’ president Tom Jessop and SEC officials.
A presentation from the meeting shows that Fidelity touted its product while citing increased investor demand for virtual currencies, the growing number of Bitcoin owners, and the presence of similar products in other countries.
Fidelity had applied for Bitcoin ETF, called the Wise Origin Bitcoin Trust, in March, which is still pending approval along with other applicants such as VanEck, SkyBridge Capital, and Ark Investment Management.
Pointing to the soaring demand for Bitcoin exposure among investors, Fidelity spokeswoman Nicole Abbott told Bloomberg:
While the SEC is still hesitating to greenlight a Bitcoin ETF, other countries such as Canada and Brazil are offering not only Bitcoin but Ethereum-based products as well.
In February, Purpose Investments became the first company in North America to offer a Bitcoin ETF after Ontario Securities Commission granted it the necessary permissions. The regulator has also permitted Evolve Investment Company and CI Global Asset Management to introduce Bitcoin and Ethereum ETFs in the country.