Fidelity ETFs to Trade Bitcoin Like Actual Gold Bars
Published Date: 7/25/2025
Notice
Summary
The Cboe BZX Exchange wants to update the rules for trading the Fidelity Wise Origin Bitcoin Fund and Fidelity Ethereum Fund. They’re allowing investors to create and redeem shares by exchanging the actual cryptocurrencies instead of cash, which can make trading smoother and cheaper. This change could start soon and might save money for folks investing in these funds.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Bitcoin Fund: Allow In‑Kind Creations/Redemptions
The Fidelity Wise Origin Bitcoin Fund would be allowed to create and redeem shares by accepting or delivering bitcoin (in-kind) in addition to cash. Creations and redemptions occur in blocks of 25,000 Shares (a Creation Basket), the amount of bitcoin per Creation Basket is determined as of 4:00 p.m. Eastern time on the purchase order date, and purchase orders must be placed by the close of Regular Trading Hours or another time set by the Sponsor.
Ethereum Fund: Allow In‑Kind Creations/Redemptions
The Fidelity Ethereum Fund would be allowed to create and redeem shares by accepting or delivering ether (in-kind) in addition to cash. Creations and redemptions occur in blocks of 25,000 Shares (a Creation Basket), the amount of ether per Creation Basket is determined as of 4:00 p.m. Eastern time on the purchase order date, and purchase orders must be placed by the close of Regular Trading Hours or another time set by the Sponsor.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
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2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
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2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-14030, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 3, To Amend the Rule Governing the Listing and Trading of the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF To Permit In-Kind Creations and Redemptions
Cboe BZX Exchange wants to update the rules for two popular crypto ETFs—the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF—so investors can trade shares by swapping actual crypto assets instead of just cash. This change makes trading smoother and could save money on fees. The SEC is reviewing the proposal now, and if approved, it’ll kick in soon, helping crypto fans and traders alike.
Next: 2025-14032, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Rule Governing the Listing and Trading of the VanEck Bitcoin ETF and the VanEck Ethereum ETF To Permit In-Kind Creations and Redemptions
The Cboe BZX Exchange wants to change the rules for the VanEck Bitcoin and Ethereum ETFs so investors can swap actual crypto assets instead of just cash when buying or selling shares. This move could make trading smoother and possibly save money for folks investing in these ETFs. The SEC is reviewing the change now, with decisions and comments happening through mid-2025.