Fidelity Investments to launch spot Bitcoin ETF in Canada - OhNo WTF Crypto

Breaking News

Fidelity Investments to launch spot Bitcoin ETF in Canada

#OhNoCrypto

Top investment firm Fidelity has announced plans to launch a physical-backed Bitcoin ETF in Canada on December 2.

Senior Bloomberg ETF analyst Eric Balchunas tweeted that Fidelity Investments “will easily be the biggest asset manager to date with a bitcoin ETF.” The firm has currently over $4.2 billion in assets under management (AUM).

This ETF, called “Fidelity Advantage Bitcoin ETF”, is scheduled to list on the Toronto Stock Exchange (TSX) on December 2nd. The fund will be an actively managed ETF and is registered under the ticker symbol FBTC.

The company became Canada’s first Bitcoin custodian in November and launched a crypto-related service for institutional investors. At the time, Fidelity Investments Canada ULC announced that it had submitted a draft of Bitcoin ETFs and mutual funds called the Fidelity Advantage Bitcoin ETF and the Fidelity Advantage Bitcoin ETF Fund.

Fidelity also applied for spot Bitcoin ETFs in the United States but has no intentions to wait for the US SEC to approve physically-backed Bitcoin ETFs. The SEC has so far approved only future-based ETFs, and currently has no intentions to approve spot ETFs after rejecting VanEck’s Bitcoin spot ETF application in November, as per reports.

On the other hand, Canada maintained a fairly positive regulatory environment in terms of crypto spot ETFs. The country’s authorities approved the first Bitcoin ETF in March and since then have approved the Ethereum-based ETFs as well.

The post Fidelity Investments to launch spot Bitcoin ETF in Canada appeared first on Our Bitcoin News.



OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow