Fidelity readies new spot bitcoin ETF filing, report says

Investors and speculators view the recent spot bitcoin ETF filings as a vote of confidence for the crypto space, said Alex Adelman, chief executive of bitcoin rewards company Lolli, especially "since institutions like BlackRock and Fidelity provide the expertise and custodial services top retailers rely on to serve global consumers."

Separately, the SEC is itself being sued by Grayscale Investment over the regulator's rejection of Grayscale's application to convert its flagship spot Grayscale Bitcoin TrustThat case, which could wrap up by the end of summer, hinges on the SEC having previously approved certain surveillance agreements to prevent fraud in bitcoin futures-based ETFs, with Grayscale arguing that the same setup should apply to its spot fund, since both spot and futures funds rely on bitcoin's price.

Reporting by John McCrank in New York and Niket Nishant in Bengaluru; additional reporting by Hannah Lang in Washington; Editing by Krishna Chandra Eluri, Michelle Price and Lisa ShumakerNiket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S.

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