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).
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Bitcoin S2F Founder says Current dip cannot stop Bitcoin from Adding Another Zero
- Football Clubs Look To Mine Cash Revenue With Crypto Offerings
- Fed Readying To Launch The US Crypto Policy? White House Directs Agencies To Prepare Report
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?