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.