Fidelity Canada successfully launched its Bitcoin exchange-traded fund (ETF) as well as the Fidelity Advantage Bitcoin ETF (mutual fund) on December 2, becoming the first of them available in the country. The funds will be listed on the Toronto Stock Exchange (TSX) under the codes FBTC for the Canadian dollar and FBTC.U for the US dollar version.
Fidelity Canada Becomes Largest Asset Manager to Launch Bitcoin ETF
Having had enough of the US Securities and Exchange Commission (SEC) and the agency’s blatant refusal to approve a prominent Bitcoin ETF, Fidelity Investment Inc. migrated to Canada to pursue its ETF plans, and ultimately the business was successful.
In a statement released by the company on Thursday, Fidelity Canada’s senior vice president of products and marketing, Kelly Creelman, expressed the company’s satisfaction even though the Bitcoin ETFs and ETFs began trading on the same day.
Meanwhile, this official launch comes several months after Fidelity officials had a closed-door meeting with the United States Securities and Exchange Commission (SEC), seeking the green light to launch a similar product in the States. -United. However, to date, the SEC has not approved or, as has been seen in some cases, categorically rejected crypto ETFs. The reasons of the SEC mean that these products do not comply with the strict rules of mutual funds.
Meanwhile, also in November, Fidelity Canada was approved by regulators across the country to offer an institutional platform for bitcoin trading and custody.
Now, with over $ 4.2 trillion in assets managed by AUM, Fidelity Investments has perhaps become the largest asset manager to launch a Bitcoin exchange-traded fund (ETF).