Fidelity Investments is preparing to launch the first Bitcoin ETF in the United States. The ETF that tracks the price of bitcoin called Wise Origin Bitcoin Trust.

The S-1 preliminary registration statement for the ETF was uploaded to the SEC website on 24th March 2021. The S1 document shows that the ETF will track the performance of Bitcoin through the Fidelity Bitcoin Index, which is based on the quotations of Bitcoin by multiple mainstream cryptocurrency exchanges including Coinbase and Bitstamp.

Fidelity said in an email: “In recent years, the digital asset ecosystem has grown significantly, creating a robust marketplace for investors and accelerating demand among institutions.”

Since the Bitcoin bull market in 2017, speculation related to the first Bitcoin ETF in the United States has been rampant. However, the SEC has not approved any Bitcoin ETF so far due to its volatility and price manipulation.

Canada has approved two Bitcoin ETFs. Among them, the Purpose Bitcoin ETF was launched in mid-February this year, and the transaction volume reached 100 million US dollars in the first few hours of listing.

Fidelity is one of the first mainstream institutions to get involved in cryptocurrency. The company started mining Bitcoin and Ethereum in 2014 and established Fidelity Digital Assets in 2018. The main business of this subsidiary is cryptocurrency custody and trading.

The company’s CEO, Abigail P. Johnson, is a staunch supporter and holder of digital encrypted assets, and one of the first executives of traditional investment companies to publicly express interest in Bitcoin.

Before Fidelity submitted its application, the influx of large investors pushed the price of Bitcoin to a new milestone. Bitcoin soared to an all-time high of nearly $62,000 in March 2021.