Fidelity Investments was not deterred by U.S Securities and Exchange Commission’s (or SEC’s) warnings. Rejection of the Wise Origin TrustSpot exchange-traded funds (ETFs) were filed on Thursday. The company has filed additional prospectuses regarding crypto-metaverse ETFs to seek regulatory approval. These proposals were for the Fidelity Crypto Industry, Digital Payments ETF (Fidelity Metaverse) and respectively. In rejecting the Wise Origin Bitcoin ETF, the SEC cited the exchange listing the ETF, the Cboe BZX, for not having a proper “surveillance-sharing agreement with markets trading” to prevent fraud and protect investor interests.

The new ETF apps will not have exposure to any digital assets. They seek exposure to shares of crypto and other metaverse companies in this space. The fund will also add shares to those companies that generate significant revenue.