Fidelity and Goldman Sachs are seeking approval from the Securities and Exchange Commission (SEC) for bitcoin-related investment products, demonstrating how quickly the cryptocurrency is moving into traditional banking and wealth management realms.

Why should we care?
Fidelity is seeking approval to launch an exchange-traded fund (ETF) that tracks the price of bitcoin. Called Wise Origin Trust, the ETF would hold bitcoin and value shares based on price trends from cryptocurrency exchanges. “An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” a Fidelity spokeswoman said in a statement. The SEC has been reluctant to approve these types of products in the past. Meanwhile, Goldman Sachs filed for an investment product that would indirectly expose clients to bitcoin. Called a “linked note,” the product would track an ETF exposed to bitcoin shares. The two industry heavyweights join SkyBridge Capital, NYDIG, and VanEck in exploring investment products that would offer exposure to bitcoin, but without the risk of buying the cryptocurrency directly through an exchange.