Fidelity Launches a Spot Bitcoin ETF in Canada

#Ripple #XRP

One of the world’s largest asset managers, Fidelity Investments, is set to launch a spot Bitcoin ETF in Canada and doesn’t intend to wait for the US Securities and Exchange Commission to make up its mind.

• Fidelity Investments currently manages around $4.2 trillion in assets, making it one of the leading asset management companies in the world.
• Recent reports reveal that the company has no intention of waiting for the US Securities and Exchange Commission (SEC) to make up its mind on whether or not to allow a spot Bitcoin ETF in the country.
• Instead, Fidelity is launching a spot Bitcoin ETF in Canada.
• The product is called Fidelity Advantage Bitcoin ETF (FBTC) and will obtain physical bitcoins directly.
• This means that the fund will buy actual BTC instead of getting exposed through a derivative instrument.
• According to the reports, Fidelity is calling the shots because of serious client demand and chose Canada because the US authorities fail to provide any further clarity on the matter.
• The FBTC fund will also be managed actively.
• The move also comes days after Fidelity received Canada’s regulatory approval to launch the country’s first BTC institutional solution.
• Canada is no stranger to spot Bitcoin ETF products.
• As CryptoPotato reported earlier in the year, its first-ever such product raked in over $400 million in assets within two days of its launch.
• Other companies to launch a spot BTC ETF include Galaxy Digital, spearheaded by Michael Novogratz and CI GAM.

OhNoRipple via https://www.ohnocrypto.com/ @George Georgiev, @Khareem Sudlow