According to DTCC data, the listing of the Fidelity Bitcoin Spot ETF under the symbol FBTC on the DTCC website indicates an imminent approval by the United States Securities and Exchange Commission (SEC).
As growing anticipation over the approval of a spot Bitcoin ETF continues to drive BTC prices higher, Jurrien Timmer, head of global macroeconomics at Fidelity, believes the crypto asset could surge to over $1 billion by 2038.
Fidelity Investments has achieved a major milestone with its Bitcoin spot. The exchange-traded fund (ETF), known as FBTC, makes its appearance on the active and pre-launch list of the Depository Trust & Clearing Corporation (DTCC).
The move has now put the financial services company at the forefront of the race for the first timely Bitcoin (BTC) ETF approval in the United States.
With this inclusion, Fidelity joins other renowned companies, such as BlackRock and Ark Invest, that also have their ETFs registered with the DTCC.
Bloomberg Intelligence analyst Eric Balchunas commented on the choice of the Fidelity ETF ticker, calling it “boring” and aimed at a more traditional audience. Balchunas noted that this strategy appears to target more experienced financial advisors and investors, rather than directly targeting retail.
First Bitcoin Spot ETF Expected to Approval in January
The company filed an application for the BTC Spot ETF in June, joining dozens of other companies awaiting the SEC’s decision on approval. Investors are eagerly awaiting the US SEC’s decision on several ETF applications, including Fidelity’s FBTC, Ark 21Shares Bitcoin ETF (ARKB), with final approval expected on January 10.
The approval of Fidelity’s FBTC would mark a historic moment, opening new avenues for institutional and retail investors to participate in the cryptocurrency market. A spot Bitcoin ETF offers more direct exposure to the underlying asset, potentially appealing to a broader investor base.
Additionally, regulatory approval could signal a shift in the way cryptocurrencies are perceived within traditional financial systems. The DTCC’s involvement underscores the industry’s gradual integration into mainstream financial infrastructure, paving the way for greater institutional adoption.
Balchunas also noted that the next point of interest will be the rate disclosures, which will be published close to the launch of the ETFs. Since the mid-2010s, companies have been seeking approvals to launch Bitcoin spot ETFs, with the goal of offering investors a more accessible and regulated way of exposing their cryptocurrency. However, the SEC has been cautious in considering these requests, citing concerns about market manipulation, proper custody, and investor protection.
Bitcoin Could Reach $1 Billion by 2038
As growing anticipation for a timely approval of the Bitcoin ETF continues to drive BTC prices higher, Jurrien Timmer, head of global macroeconomics at Fidelity, believes the crypto asset could surge to over $1 billion by 2038.
Drawing parallels with BTC as a gold-like inflation hedge, Timmer claims that portfolios with a small allocation to the asset could generate substantial returns, positioning Bitcoin above assets like the S&P 500 and gold in terms of risk-to-risk ratio. return.
Other market experts have also predicted that the leading crypto asset could reach $100,000 by the end of this year. Additionally, options traders are placing more and more bets, anticipating a rise in BTC that will reach $50,000 in January. This speculation aligns with the general expectation among market watchers that the SEC will grant approval for ETFs to directly include and hold the crypto asset during that period.
By Leonardo Perez
