Fidelity Begins Process To List Metaverse & Digital Asset ETFs

Fidelity Investments has begun the process with the United States Securities and Exchange Commission to launch 2 ETFs which will track organizations operating in the digital asset and metaverse domain.

The Crypto Industry and Digital Payments ETF will look to track the performance of a set of organizations offering virtual asset mining, support services, blockchain tech, and digital payments processing, instead of virtual assets themselves.

The Fidelity Metaverse Exchange Traded Fund will be set up to deliver returns tracking an index comprising the stocks of firms generating at least fifty percent of their total revenue from categories like computing hardware and components, digital infrastructure, gaming technology and wearable technology.

The move accompanies Fidelity Investments’ filing for a Canadian exchange traded fund that would give investors exposure to BTC.

The Securities and Exchange Commission had dismissed the financial services firm’s application for a spot BTC exchange traded fund proposal. The regulator raised disquietude about cheating, manipulation and investor safeguarding. Such apprehensions have been floated by the U.S. Securities and Exchange Commission for years, dating back to its non-acceptance of a BTC ETF proposal put forward by Cameron and Tyler Winkelvoss, owners of digital asset exchange Gemini.

Notably, the Bitwise Crypto Industry Innovators ETF and the First Trust SkyBridge Crypto Industry and Digital Economy ETF both got instigated last year.