Fidelity skips the US and 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 has no intention of waiting for the US Securities and Exchange Commission to decide.

The product is called Fidelity Advantage Bitcoin ETF (FBTC) and collects physical bitcoins directly. This means that the fund is actually buying BTC rather than getting exposure through a derivative.

Fidelity Investments is currently managed with $ 4.2 trillion in assets and is one of the leading asset management companies in the world.

The giant made this decision based on the high demand from customers and chose Canada because the US authorities failed to provide further clarification on the matter.

The move also comes days after Fidelity received Canadian regulatory approval to roll out the country’s first institutional BTC solution.

Canada is no stranger to Bitcoin ETF products. Earlier this year, its first product grossed over $ 400 million in assets within two days of its launch.

Other companies that have launched a spot BTC ETF include Galaxy Digital, led by Michael Novogratz and CI GAM.

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Annie

According to Cryptopotato

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