The financial behemoth Fidelity submitted an amendment to the U.S. Securities and Exchange Commission (SEC) late on Tuesday for its proposed spot bitcoin exchange-traded fund, the Wise Origin Bitcoin Trust.
The document outlines, among other things, how it will protect consumers’ Bitcoin in custody accounts and discloses risks associated with the unsteady regulatory landscape surrounding cryptocurrencies.
The updates made in filling hint that Fidelity is having back-and-forth conversations with the SEC staff to receive the right disclosures in their application.
The senior Bloomberg ETF analyst, Eric Balchunas, posted on Twitter about an amended application, citing, “Now Fidelity has filed an amended application. Three issuers down, six-ish to go.” According to him, this means “them [SEC and Fidelity] answering all the Staff’s comments and qs.”
The filling has been updated to include details on custodial arrangements, hard fork mechanics, valuation (pricing) sources, and adherence to GAAP. The filing also mentions risk disclosure around regulatory uncertainty, mining being very energy-intensive, and risks involving illicit transactions.
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