In a recent flurry of events indicating growing institutional interest in Bitcoin, Fidelity Investments has refiled its application for a spot Bitcoin ETF. This move comes after several other major players in the financial industry have also made similar filings, cementing Bitcoin’s position as a sought-after asset among traditional investors.

The momentum began with BlackRock, one of the world’s largest asset management firms, filing for a spot bitcoin ETF application. Although they were not the first — ARK Investments and 21Shares had already filed for a spot ETF — they initiated the cascading effect now seen. Investment firms Bitwise and Invesco both refiled for their own spot ETFs, which they had submitted previously.

Shortly thereafter, WisdomTree, an investment management company renowned for its innovative exchange-traded products, filed its own application for a spot Bitcoin ETF. Adding to the now-growing list of firms seeking to launch spot Bitcoin ETFs, Valkyrie Investments joined the race.

Meanwhile, ARK, a prominent investment management firm, amended its 19b-4 filing for a spot Bitcoin ETF, solidifying its position in the race for approval. With the inclusion of a surveillance sharing agreement between CBOE and a crypto exchange (likely Coinbase), ARK’s filing aligns with BlackRock’s strategy and places them at the forefront to potentially be approved first, given their early filing.

However, amidst this competition, Fidelity Investments has reentered the fray by reapplying for a spot Bitcoin ETF. Fidelity, a trusted name in the financial industry, brings its significant expertise and reputation to the bitcoin market, further solidifying the notion that Bitcoin is gaining acceptance among institutional investors.

Jaymes Seyffart, an ETF analyst at Bloomberg, took to Twitter to share his guesses at when the filings may be addressed, noting that the dates for when the filings will be approved or denied are not exact.

This series of events serves as a testament to the growing recognition of Bitcoin’s potential as a mainstream asset class. As more established financial institutions and investment management companies join the race to offer Bitcoin ETFs, it becomes evident that Bitcoin is no longer just a niche investment for early adopters.