Fidelity Filed Two More ETFs For The Metaverse: Report

Fidelity filed two more ETFs for the metaverse and also to track crypto firms and those active in the niche so let’s find out more in our latest crypto news.

The asset management company Fidelity filed two more ETFs applications as per the latest SEC documents. The two WTFs are the fidelity Metaverse ETF and the Fidelity Crypto Industry as well as the Digital Payments ETF. Fidelity’s Metaverse ETF seeks to provide investment returns that correspond with companies that develop and sell products related to the metaverse and tracked by the Fidelity Metaverse index. The crypto industry ETF will look to track the performance of companies that are active in the crypto industry via the Crypto industry and Digital payments index. The news came amid the SEC rejecting one of the Fidelity applications for a Bitcoin ETF.

The regulator said that Fidelity’s application didn’t give enough evidence on how it could prevent fraud which is a common rationale for rejecting a Bitcoin ETF application. Bitcoin ETFs are a publicly-traded investment vehicle that tracks the performance of BTC as an underlying asset. It will allow for more traditional investors to gain exposure to the cryptocurrency but without having to bother managing the private keys and security.

In the US, a Bitcoin ETF hasn’t yet been approved. The SEC has been reluctant to approve applications over the many concerns about market manipulation and fraud. A week ago, a Bitcoin ETF this time from the First Trust Advisors and SKyBridge was rejected and since last year, the regulator rejected six BTC ETF applications overall. Futures BTC ETFs that differ from spot ETFs as they often offer contracts that bet on the future price of BTC has already seen some joy. The ProShares BTC Futures ETF became the first ETF in the US to be approved by the Securities and Exchange Commission.

Also, the SEC rejected another application for a Bitcoin ETF and the regulator said in a note for Fidelity’s CBOE BZX exchange that it didn’t provide sufficient evidence on how it will prevent fraud. The SEC gave the exact same reason for other rejections. The regulator says it Is very concerned over potential price manipulation on the crypto market. The SEC last week rejected an application for a BTC ETF by Frist Trust Advisors and SKyBridge.