Breaking: $4 Trillion Asset Manager Launches Spot Bitcoin (BTC) ETF in Canada After US SEC Debacle

Prashant Jha
December 1, 2021
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Fidelity ETF Market

Fidelity Investments, one of the largest US asset managers with $4 trillion in AUM launched its first Bitcoin (BTC) spot ETF in Canada. The new spot ETF would be called Fidelity Advantage Bitcoin ETF and will be represented by the ticker symbol $FBTC. The fund will buy physical BTC from the market and issue shares against it.

Fidelity’s decision to launch its spot Bitcoin ETF in Canada instead of the US shows, that the institutional firms are not going to wait for the US SEC approval to launch their product. Recently, the US SEC approved two Futures Bitcoin ETFs while rejecting the spot ETF proposal, claiming the BTC market is not mature enough and prone to manipulation. Fidelity was among the first BTC spot ETF applicants and also lobbied privately with the SEC but failed to convince them.

The Crypto community lashed out at Gensler led SEC heavily for purposely approving a Futures based ETF rather than a spot one. Many claim the reason for such a decision was because it’s easier to manipulate a futures-based market than a spot one.

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Is US Losing Bitcoin ETF Race?

Canada has become a growing hotspot for Bitcoin-based institutional products especially ETFs. Canada became the first country to approve a spot Bitcoin ETF from Purpose Group’s nearly a year before the US.  Canada is not the only country that has approved a spot BTC ETF, recently Singapore also joined the ranks after it approved two new spots Bitcoin-based institutional ETFs.

Bloomberg ETF analysts had predicted that the SEC will likely approve a Bitcoin Futures ETF first and eventually approve a spot ETF by the first quarter of 2022. On one hand, the lawmakers have assured of positive regulations to keep the US ahead in the digital asset race, while on the other US federal agencies continue to crack down on crypto businesses.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.