Ingenious Stock Traders

Fidelity, the colossal asset management

firm that manages assets worth $4.3 trillion, has once again submitted paperwork to launch its Wise Bitcoin Trust, which is a spot Bitcoin exchange-traded fund (ETF).

This development closely follows

BlackRock's submission for a similar ETF through its iShares unit.

BlackRock, the renowned asset manager, filed for the iShares Bitcoin Trust earlier this month.

Following BlackRock's move, other major fund companies such as Invesco and Wisdom Tree have followed suit, initiating similar filings. Reports had circulated that Fidelity was on the cusp of submitting its paperwork.

What's Next For Prospective Bitcoin

ETFs? It is noteworthy that Fidelity had made an attempt to introduce a spot bitcoin ETF in 2021, but the U.S. Securities and Exchange Commission (SEC) turned down the initiative in 2022.

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Coinbase, in court documents submitted on

Thursday, contended that the cryptocurrencies in question do not qualify as investment contracts.

Therefore, they should not be classified as securities.

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All 23 US banks that participated in a new Federal Reserve stress test would be able to withstand a severe global recession, demonstrating the strength of the biggest financial institutions at a time when the banking industry still is on uncertain ground.

Results released by the Fed Wednesday show that these banks would have enough capital on hand to absorb losses and continue lending even if unemployment were to hit 10% and the stock market were to plunge 45%.

Their projected losses would amount to $541 billion under that hypothetical scenario.

The biggest of the group - JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS) - all would have capital buffers well in excess of the Fed's 4.5% minimum requirement under this extreme scenario.

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BREAKING: The Qatari group led by Sheikh Jassim Bin Hamad J.J. Al Thani is increasingly confident it's won the bidding war for Manchester United, thwarting a rival offer from British billionaire Jim Ratcliffe as the sale of the football club extends into the crucial summer months.

The transaction has been beset with delays, with bids failing to meet expectations of the selling Glazer family, splits among the owners about whether to sell and fears of litigation from minority shareholders, people with knowledge of the matter said.

Those within the inner circle of the Qatari bid have now begun communicating their confidence of victory and believe it's just a matter of time before an official announcement is made, according to the people.

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