Fidelity Investments is launching a spot Bitcoin ETF in Canada this week. The fund will be called Fidelity Advantage Bitcoin ETF (FBTC) and will roll out on the Toronto Stock Exchange.
While Bitcoin ETFs are already available to investors in several countries around the world, including Canada, Brazil, and Dubai… Fidelity, with over $4 trillion in AUM, will easily be the biggest asset manager to date with a bitcoin ETF.
In the bigger picture, however, it’s just another slap in the face for U.S. retail and institutional investors. It says a whole lot that one of America’s biggest, most storied names in investing is forced to go up North to serve its clients.
The U.S. SEC has so far rejected each and every application for a Bitcoin spot ETF, which would offer direct exposure to Bitcoin. Instead, the SEC has only greenlighted ETFs tied to Bitcoin futures contracts.
Related: Bitwise’s Intentions for a Crypto Index ETF