The latest filing from major financial giant Fidelity shows that institutions are wanting deeper exposure to crypto and the metaverse. BREAKING: Fidelity ($8 trillion AUM) files to launch a metaverse ETF and a crypto industry ETF Via @strack_ben pic.twitter.com/RLxAcVX0v1 — Blockworks (@Blockworks_) January 27, 2022 Yesterday, it was revealed that Fidelity filed for two separate […] The post 4.2 Trillion Dollar Asset Manager Is Diving Head First Into Crypto And The Metaverse appeared first on CryptosRus.

4.2 Trillion Dollar Asset Manager Is Diving Head First Into Crypto And The Metaverse

The latest filing from major financial giant Fidelity shows that institutions are wanting deeper exposure to crypto and the metaverse.

Yesterday, it was revealed that Fidelity filed for two separate exchange-traded funds (ETFs) that are closely tied to the crypto industry and the metaverse.

According to the filing with the Securities and Exchange Commission (SEC), the crypto industry ETF would reportedly invest primarily in the stocks of companies included in a Fidelity index comprised of businesses that are “engaged in activities related to cryptocurrency, related blockchain technology, and digital payments processing.”

As for the metaverse ETF, a separate filing states that at least 80% of assets in the fund would be allocated to the securities of companies “that develop, manufacture, distribute or sell products or services related to establishing and enabling the metaverse.”

A representative from Fidelity recognizes the growth of the industry in recent years.

“The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand…An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified and sophisticated set of products offering exposure to digital assets.”

RECOMMENDED: FTX AND BINANCE TO BUILD OFFICES IN SOLANA METAVERSE

  • The announcement of the two funds comes just a day after the SEC denied Fidelity’s filing for a Bitcoin spot ETF in the US.
  • Despite the SEC’s disapproval, Fidelity’s Bitcoin spot ETF in Canada is live and had much less of a problem getting approved.
  • Expectations to pass these ETFs soon may just be long-winded hope — if the SEC doesn’t like the “safer” Bitcoin spot ETFs, they certainly wouldn’t like a metaverse ETF. However, the SEC did approve a Bitcoin Futures ETF, so maybe the SEC will pass it just to play with Bitcoin maxis heartstrings some more.
  • At the same time that Fidelity has been ramping up crypto investment products, Blackrock asset manager announced that it is filing for its own blockchain ETF.
  • Major assets managers VanEck and Valkyrie have each filed for Bitcoin mining ETFs in the country, both of which are waiting on approval.
  • The long list of companies seeking exposure to crypto and the metaverse keeps on growing.

The post 4.2 Trillion Dollar Asset Manager Is Diving Head First Into Crypto And The Metaverse appeared first on CryptosRus.