Fidelity Refiles For Spot Bitcoin ETF, Joining Peer Institutions
By BtcCasey          

In a recent flurry of events indicating a significant surge in institutional interest, Fidelity Investments has refiled its application for a spot bitcoin exchange-traded fund (ETF). This move by Fidelity adds to the growing list of major financial institutions seeking regulatory approval for a bitcoin ETF, further solidifying the position of bitcoin as a sought-after asset among traditional investors.

The momentum for bitcoin ETF filings began with BlackRock, one of the world's largest asset management firms, submitting its application. While BlackRock was not the first to file for a spot ETF, as ARK Investments and 21Shares had already made similar moves, their entry into the space sparked a cascading effect that we are witnessing today. Following suit, investment firms Bitwise and Invesco also refiled their applications, which they had previously submitted.

The race for a bitcoin ETF continued to gain traction when WisdomTree, a well-known investment management company renowned for its innovative exchange-traded products, filed its own application. Joining the growing list of firms seeking to launch spot bitcoin ETFs, Valkyrie Investments entered the competition as well.

Meanwhile, ARK, a prominent investment management firm, made amendments to its 19b-4 filing for a spot bitcoin ETF, solidifying its position in the race for regulatory approval. With the inclusion of a surveillance sharing agreement between the Chicago Board Options Exchange (CBOE) and a prominent cryptocurrency exchange, likely Coinbase, ARK's filing aligns with BlackRock's strategy and positions them at the forefront to potentially be approved first, given their early filing.

However, amid the intense competition, Fidelity Investments has reentered the fray by reapplying for a spot bitcoin ETF. Fidelity, a trusted name in the financial industry with a long-standing reputation, brings its significant expertise and influence to the bitcoin market. Their renewed interest and participation further validate the notion that bitcoin is gaining widespread acceptance among institutional investors.

Jaymes Seyffart, an ETF analyst at Bloomberg, took to Twitter to share his speculation on the timeline for addressing these filings. Noting the unpredictable nature of the approval or denial dates, Seyffart emphasized that the regulatory process does not adhere to exact timelines.

While the journey toward a Bitcoin ETF's approval may still face regulatory hurdles and uncertainties, the continuous filings by renowned financial institutions demonstrate a growing confidence in Bitcoin's potential. It signals a maturing market and sets the stage for a new chapter in the integration of bitcoin into traditional investment frameworks.

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⚡️ Chief Lightning Officers

Introducing The Chief Lightning Officers, Dedicated To Bitcoin Adoption Through Education
By Tim Neimeyer

The Chief Lightning Officers (CLO) is a group of approximately 50 Bitcoin enthusiasts dedicated to promoting Bitcoin adoption through education and local connections. The CLO members, who possess diverse skills across various industries, aim to equip themselves with the necessary knowledge and tools to drive Lightning Network adoption at the grassroots level.

Rather than focusing solely on sales, the CLOs take a fact-finding approach when engaging with local merchants who may be interested in accepting Lightning payments. They identify pain points and challenges faced by these merchants, such as high fees, delayed settlements, security concerns, and regulatory issues. The Lightning Network, with its potential to reduce fees, enable quick settlements, enhance security and privacy, and facilitate borderless transactions, holds significant promise.

The CLOs have identified industries that are ripe for Lightning adoption, including cannabis dispensaries, coffee shops, food trucks, non-chain restaurants, local sports teams, and craft brewers. They encourage Bitcoin meetups to work toward having merchants at their events accept Lightning payments. Members of the CLO have achieved success in onboarding merchants to accept Bitcoin through Lightning, and they emphasize the importance of building relationships with local businesses rather than focusing solely on closing deals.

The CLOs also invite and interview businesses that utilize Lightning technology, recognizing the specific needs of each merchant and remaining platform agnostic. They discuss various Lightning infrastructures and analyze their pros and cons. The group believes that Lightning adoption will gain traction in 2023, as there are numerous companies innovating in the space, and Lightning has the potential to go beyond what traditional fiat systems can achieve.

The article concludes by encouraging individuals involved in Lightning businesses or those interested in furthering Lightning adoption to join the CLO Telegram group, attend Bitcoin meetups, and locate merchants accepting Bitcoin and Lightning in their areas. The author emphasizes that adoption requires the efforts of individuals willing to go the extra mile to promote these revolutionary technologies.

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