Home   >     Industry    >     Main body

    Fidelity reportedly launching spot Bitcoin ETF in Canada

    Abstract:The world's largest asset manager with almost $4 trillion in assets will reportedly be offering a spot Bitcoin ETF to Canadian investors, subject to listing.

      Arnold Kirimi

    Fidelity reportedly launching spot Bitcoin ETF in Canada

      Fidelity Investments has launched a Bitcoin exchange-traded fund that will allow investors to BUY and sell real Bitcoins rather than derivatives.

      473 Total views

      25 Total shares

      Listen to article



      It's been a bumpy ride FOR Bitcoin (BTC) investors. While waiting on the United States Securities and Exchange Commission (SEC) to make their decision about whether or not they will approve a spot Bitcoin exchange-traded fund (ETF), U.S-based investment firm Fidelity Investments is reportedly launching a spot ETF in Canada subject to regulatory approval.

      According to a tweet shared by Bloomberg senior ETF analyst Erick Balchunas, the fund “Fidelity Advantage Bitcoin ETF” is currently pending listing on a Canadian exchange. Balchunas also pointed out that if the new fund succeeds, it would become the largest asset management firm that offers Bitcoin services.

      SEMI-SHOCK: Fidelity launching a spot bitcoin ETF in Canada this week. Didn't know about this. Will easily be the biggest asset manager to date with a bitcoin ETF.

    — Eric Balchunas (@EricBalchunas) November 30, 2021

      Fidelity's decision to offer a spot ETF in Canada only adds fuel to FIRE, as ONE of the world's largest asset managers with almost $4 trillion in assets is compelled to develop a service in Canada to satisfy customer demands.

      Fidelity did not immediately respond to Cointelegraph's request for comment.

      Related: Biggest Bitcoin fund in the world could become ETF by July as GBTC nears $40B AUM

      Meanwhile, the SEC is still deliberating whether or not to approve a spot Bitcoin ETF, which according to many market experts will be a HIT in the market.

      Grayscale Investments has criticized the U.S. SEC's recent refusal of VanEck's spot Bitcoin ETF application, as reported by Cointelegraph. The operator of the Grayscale Bitcoin Trust (GBTC) claims in a letter to Secretary of the SEC Vanessa Countryman that the SEC is wrong to reject spot Bitcoin ETFs since it has now permitted three such products based on Bitcoin futures.

      Related: VanEck‘s Bitcoin spot ETF shunt solidifies SEC’s outlook on crypto

      Canada is no stranger to Bitcoin ETFs. The introduction of the FBTC might pave the way for additional spot ETFs in the Canadian market. This would be a significant victory for investors since it would allow them exposure to Bitcoin without having to GO to the trouble of purchasing and storing it themselves.

    •   #Bitcoin

    •   #Blockchain

    •   #Canada

    •   #SEC

    •   #ETF

    •   #Adoption

    •   #Markets

    •   #Regulation

      Related News

    •   Ousting the Greenback: USD Still King as BTC and CBDCs Mount Challenge

    •   DAOs empower social good with YIELD-generating DEFI products

    •   NFT sales aim for a $17.7B record in 2021: Report by Cointelegraph Research

    •   ENS DAO delegates offer perspective on DAO governance and decentralized identity

    •   NYSE Arca files with SEC to list Bitwise Bitcoin ETP Trust

    •   Congressmen Emmer and Soto to SEC Chair Gensler: We want BTC Spot ETFs

      Editors Choice

    •   Bitcoin correction weakest of 2021 so FAR as hopes of Santa Claus rally rise

    •   TRUE or false: 91% of surveys about Bitcoin and crypto are totally wrong

    •   Eth2 devs call on to community to help test out the merge

    •   Grayscale tells SEC 'no basis' to approve Bitcoin futures ETFs and not spot ETFs

    •   UAE issues first NFT stamps in the Middle East

      Cointelegraph YouTube Subscribe

      Advertise with us