Fidelity Investments, which has $11 trillion in assets under management, has renewed its push to launch a spot bitcoin exchange traded fund (ETF) listed on the CBOE, according to a new CBOE filing with the U.S. Securities and Exchange Commission (SEC).

Fidelity Mirrors Traditional Finance's Push For Crypto

Fidelity's Wise Origin Bitcoin Trust was previously rejected by the SEC, but this new filing from Cboe indicates Fidelity is making another attempt at getting regulatory approval for their bitcoin spot ETF.

The move comes after BlackRock (BLK) filed an application for a spot ETF and follows in the footsteps of other traditional financial institutions such as Invesco (IVZ) and Wisdomtree (WT) that revived their previously rejected applications.

Market-watchers have taken note of these developments, viewing them as significant due to BlackRock's reputation and confidence in obtaining regulatory approval. Investors too, have taken the cue, driving bitcoin prices to fresh highs.

One of the reasons commentators have been bullish on the prospect of BlackRock's bitcoin spot ETF approval is that it includes a surveillance sharing agreement with an unnamed bitcoin exchange based in the U.S., and this sort of arrangement is also mentioned in Cboe's recent filing.

Other issuers, which include Valkyrie, Bitwise, VanEck, and ARK Investment Management, remain hopeful of securing regulatory approval this time around. Notably, this isn't the only area of crypto where traditional financial powerhouses are getting involved, as a new crypto asset exchange backed by Charles Schwab (SCHW), Fidelity, and others also recently launched.

This new interest from traditional financial institutions has clearly breathed new life into the crypto market after the industry had been shaken by SEC lawsuits against crypto exchange giants Binance and Coinbase (COIN).