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Fidelity Launches a Spot Bitcoin ETF in Canada
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.
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.
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