For Fidelity, developments in the US regarding a Bitcoin Spot ETF are not going fast enough. That’s why you’re going to Canada now.
It’s a bang. Fidelity Investments – one of the largest asset managers in the world (4.2 trillion US dollars AUM) – is likely to launch its own Bitcoin Spot ETF in Canada shortly. That shared the Bloomberg– ETF analyst Eric Balchunas on Twitter with. However, the company has not yet issued an official statement, and the trading center has not yet been determined. On the appropriate website the launch is still imminent. However, some information has already been leaked that roughly describes the new financial product.
One thing is certain: the Fidelity Advantage Bitcoin ETF (FBTC) will acquire “physical” Bitcoin directly and actively manage it. According to media reports, the US asset manager has now decided to take the step abroad because the pressure on the customer side has become too great and a prompt solution on the domestic financial market is not yet in sight. In mid-November, the national stock exchange regulator declined Securities and Exchange Commission (SEC) made a corresponding move by the investment company VanEck away.
Canada is considered progressive
Canada, on the other hand, is considered to be particularly progressive in this regard, as the country was one of the first nations to allow such financial products on the domestic market in February of this year. It remains to be seen whether several US investment companies will emulate Fidelity and launch Bitcoin Spot ETFs in the neighboring country to the north. However, Balchunas sees Fidelity’s move as a clear warning signal:
For the SEC, it might be embarrassing that one of America’s largest and most famous investors is being forced to go north to serve its customers. But that probably won’t matter to them.
Eric Balchunas on Twitter
Bitcoin ETFs have also arrived in the US since being approved in October. Since then, several future-based products have celebrated their premiere, as also reported by BTC-ECHO. However, the green light for a so-called “spot ETF”, ie a financial product in which the traded asset is actually stored, has not yet been given. In general, the SEC prefers future-based ETFs over Bitcoin Spot ETFs. There are significant differences between the two products. While the previously approved ETFs are all based on futures, which as derivatives do not reflect the Bitcoin rate 1: 1, the cryptocurrency forms the base value of a Bitcoin Spot ETF.