Fidelity reportedly launching spot Bitcoin ETF in Canada

Fidelity reportedly launching spot Bitcoin ETF in Canada

The ride has been bumpy for Bitcoin (BTC), investors. Fidelity Investments, a U.S.-based investment firm, is reportedly planning to launch a Canadian spot Bitcoin ETF subject to regulatory approval.

Erick Balchunas (Bloomberg senior ETF analyst) tweeted that the “Fidelity Advantage” fund is currently being listed on a Canadian exchange. Balchunas pointed out that the fund “Fidelity Advantage Bitcoin ETF” could become the largest asset management company that offers Bitcoin services if it succeeds.

SEMI-SHOCK! Fidelity launches a spot bitcoin ETF in Canada. This is something I didn’t know. With a bitcoin ETF, this will be easily the largest asset manager. pic.twitter.com/H2XJRBY3O6
— Eric Balchunas (@EricBalchunas) November 30, 2021

Fidelity’s decision in Canada to offer a spot ETF only fuels the fire. As one of the largest asset managers in the world with nearly $4 trillion in assets, Fidelity is forced to create a Canadian service to meet customer needs.

Cointelegraph did not receive a response from Fidelity immediately to our request for comment.

Related: GBTC closes to $40B AUM, so the biggest Bitcoin fund could be an ETF.

The SEC is currently deliberating whether to approve a spot Bitcoin ETF. Many market experts believe that this will be a big hit on the market.

Grayscale Investments criticised the U.S. SEC for rejecting VanEck’s application for a spot Bitcoin ETF, as reported in Cointelegraph. Grayscale Bitcoin Trust (GBTC), the operator, claims that the SEC was wrong to deny spot Bitcoin ETFs. The SEC has already allowed three products based upon Bitcoin futures.

Related: VanEck’s Bitcoin spot ETF Shunt strengthens SEC’s outlook regarding crypto

ETFs in Bitcoin are not new to Canada. The introduction of the FBTC could open the door to additional spot ETFs on the Canadian market. Investors would see this as a major victory, since they would have access to Bitcoin without the need to store it or purchase it.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Amy Jimenez

Amy Jimenez– Services My name is Amy Jimenez, and I am the main writer behind the" allthetopnews.com" for the ground-breaking and most fragile bits of knowledge into the most recent news in the services sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami