Fidelity Approved As Canada’s First Crypto Custodian, Is A Bitcoin ETF Next?
Incoming reports from The Globe and Mail suggest that regulators may have just given the nod for Fidelity Canada to start functioning as the country’s first bitcoin custodian.
Fidelity Investments Leverages High Investment Interest In Digital Assets
The firm was reportedly approved by the Investment Industry Regulatory Organization of Canada (IIROC) in a bid to facilitate more Canadian institutions investing in bitcoin, including pension funds, mutual funds, portfolio managers, and exchange-traded funds (ETFs) who are looking to get direct exposure to Bitcoin (BTC).
According to the president of Fidelity Clearing Canada FCC, Scott Mackenzie says there is presently a very high demand for investing in digital assets. And as the demand keeps growing at a quite considerable rate, institutional investors have also been on the lookout for sourcing for a regulated dealer platform where they can access the asset class.
Before now, most of the bitcoin funds that are operating in Canada only use U.S-based custodians. However, bringing in an alternative such as this to the local market, it’s going to be a good time for many more institutional investors to purchase BTC directly.
According to reports, the FCC currently offers its services to over 100 investment companies in Canada. So, together with Investments Canada ULC, they have well over $222-billion in assets under administration and management (as confirmed by a June 30 report).
Preliminary Prospectuses For New Bitcoin ETF and Bitcoin Mutual Fund Also Filed
Meanwhile, Fidelity Investments Canada ULC has also filed preliminary prospectuses for Fidelity Advantage Bitcoin ETF™ and Fidelity Advantage Bitcoin ETF Fund™. With the Fidelity Advantage Bitcoin ETF™, the company will be leveraging FCC’s digital asset custodian services.
And with expectations for the products to be eligible for TFSAs, the whole investment objective of both funds is to invest in bitcoin.
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Expert Warns More Crypto Bloodbath Ahead of CPI Data Tomorrow
- US President Promises Deal With China on Everything As ‘Trump Insider’ Begins To Close Bitcoin Shorts- Is A BTC Recovery Ahead?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
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.
