Fidelity's Bitcoin and Ethereum Funds Face SEC Review Extension
Published Date: 3/17/2025
Notice
Summary
The SEC is taking extra time to review a rule change from Cboe BZX Exchange that would let the Fidelity Wise Origin Bitcoin Fund and Fidelity Ethereum Fund allow in-kind creations and redemptions. This change affects investors in these crypto funds by potentially making trading smoother and more cost-efficient. The SEC now plans to decide by May 26, 2025, giving everyone more time to weigh in before any money moves.
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Analyzed Economic Effects
2 provisions identified: 0 benefits, 0 costs, 2 mixed.
SEC Extends Decision Deadline
The SEC extended the review period for Cboe BZX Exchange's proposed rule change and set May 26, 2025 as the new date by which it will either approve, disapprove, or institute proceedings. The original 45-day review period would have ended April 11, 2025.
Proposal to Allow In-Kind Fund Creations
Cboe BZX filed a proposed rule change (filed Feb 7, 2025; published Feb 25, 2025) to amend listing and trading rules to permit in-kind creations and redemptions for the Fidelity Wise Origin Bitcoin Fund and the Fidelity Ethereum Fund. The Commission will decide on or before May 26, 2025 whether to approve, disapprove, or institute proceedings on that proposal.
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