Fidelity Launches a Spot Bitcoin ETF in Canada

2021-12-01 15:2862105

Source: CryptoPotato

One of the world’s largest asset managers, Fidelity Investments, is set to launch a spot Bitcoin ETF in Canada and doesn’t intend to wait for the US Securities and Exchange Commission to make up its mind.

  • Fidelity Investments currently manages around $4.2 trillion in assets, making it one of the leading asset management companies in the world.
  • Recent reports reveal that the company has no intention of waiting for the US Securities and Exchange Commission (SEC) to make up its mind on whether or not to allow a spot Bitcoin ETF in the country.
  • Instead, Fidelity is launching a spot Bitcoin ETF in Canada.
  • The product is called Fidelity Advantage Bitcoin ETF (FBTC) and will obtain physical bitcoins directly.
  • This means that the fund will buy actual BTC instead of getting exposed through a derivative instrument.
  • According to the reports, Fidelity is calling the shots because of serious client demand and chose Canada because the US authorities fail to provide any further clarity on the matter.
  • The FBTC fund will also be managed actively.
  • The move also comes days after Fidelity received Canada’s regulatory approval to launch the country’s first BTC institutional solution.
  • Canada is no stranger to spot Bitcoin ETF products.
  • As CryptoPotato reported earlier in the year, its first-ever such product raked in over $400 million in assets within two days of its launch.
  • Other companies to launch a spot BTC ETF include Galaxy Digital, spearheaded by Michael Novogratz and CI GAM.
Likes 0
Declaration: This article is published with the authorization. And it can't represent FTFTX's standpoint. Please note the source of article if it is reprinted:
All Comments(1)

Maneki Gang

Maneki Gang

Every day I hit the plate during the day and pull the plate at night

No More

Bitcoin Price Slipped Below $42K to a Weekly Low: LUNA Soars 6% (Market Watch)

1Bitcoin Price Slipped Below $42K to a Weekly Low: LUNA Soars 6% (Market Watch)

Another day came with another price drop from bitcoin, as this time, bitcoin dipped to a nine-day low of just over $41,000. Most altcoins are also well in the red, with LUNA being among the few exceptions following a 6% increase.

2022-01-19 17:55 | CryptoPotato43884

FTFTX APP DownloadUse
iOS 9.0 and above
Android 4.3 and above