Fidelity is reportedly launching a spot bitcoin ETF in Canada
It’s been a bumpy ride for Bitcoin (BTC) investors. Pending a decision by the US Securities and Exchange Commission (SEC) on whether to approve a Bitcoin Spot Exchange Traded Fund (ETF), investment firm Fidelity Investments in the United States is reportedly launching a spot ETF in Canada. subject to regulatory approval.
According to a tweet shared by Bloomberg ETF Senior Analyst Erick Balchunas, the “Fidelity Edge Bitcoin ETF” is currently waiting to be listed on a Canadian stock exchange. Balchunas also indicated that if the new fund is successful, it will become the largest asset management company offering bitcoin services.
SEMI-SHOCK: Fidelity launched a spot Bitcoin ETF in Canada this week. Do not know that. It would be easy to be the largest asset manager yet with a Bitcoin ETF. pic.twitter.com/H2XJRBY3O6
– Eric Balchunas (@EricBalchunas) November 30, 2021
Fidelity’s decision to offer a spot ETF in Canada only exacerbates the fire as one of the world’s largest asset managers, with nearly $ 4 trillion in assets, is forced to develop a service in Canada to meet client needs.
Fidelity did not immediately respond to Cointelegraph’s request for comment.
Related: The world’s largest bitcoin fund could turn into an ETF in July as GBTC hits nearly $ 40 billion in AUM
Meanwhile, the SEC is still debating whether to approve a spot Bitcoin ETF that many market experts say will be a hit in the market.
Grayscale Investments has criticized the recent rejection of VanEck’s spot Bitcoin ETF application by the US Federal Reserve, Cointelegraph reports. The operator of Grayscale Bitcoin Believe in (GBTC) stated in a letter to SEC Secretary Vanessa Countryman that the SEC wrongly rejected spot Bitcoin ETFs because it currently allows three such products based on Bitcoin futures contracts.
Related: VanEck’s Bitcoin Location ETF Shunt Boosts SEC Prospects on Crypto
Canada is no stranger to Bitcoin ETFs. The introduction of FBTC could pave the way for more spot ETFs in the Canadian market. This will be a significant asset for investors as it will allow them to get exposure to Bitcoin without having to buy and store it themselves. Unlike futures funds, spot Bitcoin products offer investors direct exposure to the cryptocurrency without having to worry about high implementation costs.