Fidelity applies for bitcoin ETF

In a move to embrace digital currencies on Wall Street, Fidelity has applied to launch an exchange traded fund to track the performance of bitcoin.

According to a preliminary filing to the Securities and Exchange Commission, Fidelity’s Wise Origin Bitcoin Trust would hold bitcoin and value its shares based on prices from major cryptocurrency exchanges, including Coinbase and Bitstamp.

Fidelity’s filing follows bitcoin’s surge to an all-time high of nearly $62,000 this month, the latest milestone in a meteoric rise partly fueled by bigger U.S. investors.

Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped into the fray for a bitcoin exchange-traded fund with his SkyBridge Capital joining forces with First Trust Advisors, according to a filing.

Last week,Coinbase Global Inc said that recent private market transactions had valued the company at around $68 billion this year ahead of a planned stock market listing.