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Fidelity reportedly launching spot Bitcoin ETF in Canada

December 1, 2021No Comments


It has been a bumpy ride for Bitcoin (BTC) investors. While waiting for the United States Securities and Exchange Commission (SEC) to make its decision on whether or not to approve a Bitcoin exchange-traded fund (ETF), American investment firm Fidelity Investments is launching a spot ETF in Canada. . subject to regulatory approval.

According to a tweet shared by Bloomberg Senior ETF Analyst Erick Balchunas, the "Fidelity Advantage Bitcoin ETF" fund is currently pending listing on a Canadian exchange. Balchunas also noted that if the new fund is successful, it would become the largest asset management company offering Bitcoin services.

Fidelity's decision to offer a spot ETF in Canada only adds fuel to 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 the demands. of customers.

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

Related: The world's largest Bitcoin fund could become an ETF in July as GBTC nears $ 40B AUM

Meanwhile, the SEC is still out on whether or not to approve a spot Bitcoin ETF, which many market experts say will be a hit in the market.

Grayscale Investments has criticized the US SEC. Recent rejection of VanEck's Spot Bitcoin ETF app, as reported by Cointelegraph. Grayscale Bitcoin Trust (GBTC) operator claims in a letter to SEC Secretary Vanessa Countryman that the SEC is wrong to reject spot Bitcoin ETFs as it has now allowed three such products based on in Bitcoin futures.

Related: VanEck's Bitcoin Spot ETF Bypass Solidifies SEC's Perspective On Cryptocurrencies

Canada is no stranger to Bitcoin ETFs. The introduction of the FBTC could pave the way for additional spot ETFs in the Canadian market. This would be a significant win for investors as it would allow them to expose themselves to Bitcoin without having to go to the trouble of buying and storing it themselves.