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Another big US financial institution this week announced that it is expanding into digital assets. Fidelity Investments is launching an exchange traded fund that tracks the bitcoin price.

The ETF, called Wise Origin Bitcoin Trust, will aim to match an index that takes spot prices from various bitcoin markets, including popular exchanges, Fidelity said. Fidelity Digital Assets will serve as the fund’s custodian, storing Wise Origin’s holdings.

However, the ETF requires approval from the Securities and Exchange Commission.

If given the green light by the SEC, the ETF could be available for purchase on the large brokerage and wealth-management platforms.

Family Wealth Report has already reported on how bitcoin and other digital assets are becoming increasingly “mainstream.” Major US institutions such as Guggenheim Partners, BNY Mellon and JP Morgan are involved. 

A Wall Street Journal report noted that the SEC has repeatedly rejected applications for bitcoin ETFs. Exchange traded funds are a cheap and easy way to access markets, explaining why ETFs have expanded massively over the past two decades. Assets invested in ETFs and exchange traded products listed around the world reached a new record of $8.30 trillion at the end of February, according to industry data (ETFGI, March 16). 

“The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions,” a Fidelity spokeswoman was quoted as saying by the WSJ.

Bitcoin has retreated from its recent record of over $61,000, posted earlier in March. As of the time of writing (March 26) late-morning London time, it traded at $53,439 (Coindesk). The digital currency fetched around $6,000 12 months ago. The stunning ascent in the price is a reason for heightened interest in the area.