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Fidelity launches spot bitcoin ETF in Canada

Fidelity launches spot bitcoin ETF in Canada

Leading asset manager Fidelity Investments is launching a spot Bitcoin ETF in Canada, Sgurtorotato reports.

One of the world's largest asset managers, Fidelity Investments, is going to launch a spot bitcoin ETF in Canada and doesn't intend to wait for the U.S. Securities and Exchange Commission to make a decision. Fidelity Investments currently manages about $4.2 trillion in assets, making it one of the leading asset management companies in the world. Recent reports show that the company does not intend to wait for the U.S. Securities and Exchange Commission (SEC) to decide whether or not to allow a dot-com bitcoin ETF to be placed in the country. The product is called the Fidelity Advantage Bitcoin ETF (FBTC) and will receive physical bitcoins directly. This means that the fund will buy real BTC rather than receiving them through derivatives. Fidelity is opting for Canada because of strong customer demand and has chosen Canada because the U.S. authorities cannot provide clarity on the matter.

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