Fidelity has filed with the US Securities and Exchange Commission (SEC) to enable in-kind redemption for its Bitcoin ETF, generating interest among investors.
Details of Fidelity's Application
Fidelity confirmed its interest in in-kind redemption for FBTC, its Bitcoin ETF. Bloomberg Intelligence ETF analyst James Seyffart confirmed the application on social media, noting that SEC has not yet allowed this, but approval is expected in the future.
Future SEC Decisions
Seyffart predicts that the SEC will decide on the in-kind redemption applications by October. There are expectations that changes for other ETFs, including those linked to Ethereum, will also be approved by this time.
Current Trends in the Bitcoin ETF Market
Currently, Bitcoin ETFs have experienced three days of consecutive outflows, highlighting ongoing sell-offs from institutional investors. Analysts point out that large investors continue to accumulate assets, while retail investors remain on the sidelines.
The expected SEC approval for in-kind redemption for Bitcoin ETFs could significantly impact the market. Investor interest remains high despite current outflows.
