Fidelity Canada Launches Spot Bitcoin ETF and Mutual Funds, Begins Trading
Fidelity Canada has succeeded in launching its Bitcoin exchange-traded fund (ETF) as well as the Fidelity Advantage Bitcoin ETF Fund (mutual fund) on December 2, thus becoming only the first of such to be available in the country. The funds will be trading on the Toronto Stock Exchange (TSX), under the tickers FBTC for the Canadian dollar and FBTC.U for the U.S dollar version.
Fidelity Canada Becomes the Largest Asset Manager to Launch a Bitcoin ETF
Having got enough of the United States Securities and Exchange Commission (SEC), and the agency’s blatant refusal to approve a spot Bitcoin ETF, Fidelity Investment Inc. migrated to Canada to move ahead with its ETF plans, and finally the company has succeeded.
In a statement issued by the company on Thursday, the Senior VP of products and marketing at Fidelity Canada, Kelly Creelman expressed the pleasure of the company, even as both the bitcoin ETF and ETF fund began trading on the same day.
Meanwhile, this official launch is coming several months after the officials of Fidelity had a closed door meeting with the U.S. Securities and Exchange Commission (SEC), seeking to get the nod to launch a similar product in the United States. However, up until this very moment, the SEC had either not approved, or as seen in some cases, outrightly rejected spot crypto ETFs. SEC’s reasons bring that such products are not in compliance with the strict rules for mutual funds.
Meanwhile, in November also, Fidelity Canada got approved by the country’s regulators to go ahead with an institutional bitcoin custody and trading platform.
Now with over $4.2 trillion in assets under management AUM, Fidelity Investments may have just become the largest asset manager to launch a spot Bitcoin exchange-traded fund (ETF).
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Trump Tariff Tensions Ease as U.S. and China Hold Positive Trade Talks Ahead of Oct 30 Summit
- Polymarket Hits $20B in Trading Volume, Announces Plans for Massive POLY Token Airdrop
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
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.
