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.
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