In Brief:
- Fidelity Investments launches its spot Bitcoin ETF in Canada.
- Fidelity chose Canada because of the lack of clarity in decisions from the U.S. SEC.
- The product of the Fidelity ETF is titled the Fidelity Advantage Bitcoin ETF(FBTC).
World’s leading asset manager, Fidelity Investments, announced the launch of its spot Bitcoin ETF in Canada with no intention of waiting for the Securities and Exchange Commission of the United States to make a decision.
The Fidelity Advantage Bitcoin ETF (FBTC) is the product of Fidelity ETF that gathers physical bitcoins.
This suggests that the ETF is purchasing BTC rather than using a derivative to gain exposure.
According to Bloomberg analysts, Fidelity took this move in response to high client demand and picked Canada because US authorities failed to provide any additional clarity on whether or not they will enable them to establish an ETF in the country.
Fidelity Investments currently manages around $4.2 trillion in assets and the FBTC fund will also be managed actively.
The announcement comes only days after Fidelity was granted regulatory authority in Canada to launch the country’s first institutional BTC solution.
