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Fidelity International Bitcoin ETP reaches Europe
Since 1980, the company has operated independently of U.S.-based Fidelity Investments, which is still trying to launch a spot Bitcoin ETF Fidelity International's Bitcoin ETP began trading in Germany on Tuesday and is set to launch in Switzerland in the coming weeks Another Bitcoin exchange-traded product called Fidelity has launched — just not the one some U.S. investors are waiting for. Bermuda-based Fidelity International, which manages approximately $800 billion in client assets, is launching the Fidelity Physical Bitcoin ETP (FBTC) for its professional and institutional clients in Europe. Once a subsidiary of...
Fidelity International Bitcoin ETP reaches Europe
- Seit 1980 operiert das Unternehmen unabhängig von der in den USA ansässigen Fidelity Investments, die immer noch versucht, einen Spot-Bitcoin-ETF aufzulegen
- Das Bitcoin-ETP von Fidelity International wurde am Dienstag in Deutschland gehandelt und soll in den kommenden Wochen in der Schweiz eingeführt werden
Another Bitcoin exchange-traded product called Fidelity has launched — just not the one some U.S. investors are waiting for.
Bermuda-based Fidelity International, which manages approximately $800 billion in client assets, is launching the Fidelity Physical Bitcoin ETP (FBTC) for its professional and institutional clients in Europe.
Once a subsidiary of US-based Fidelity Investments, Fidelity International has operated independently from the company since 1980.
According to the company, the offering began trading on the Deutsche Börse Xetra in Germany on Tuesday and is expected to begin trading on the SIX Swiss Exchange in the coming weeks. FBTC costs investors 75 basis points.
Distributed ledger technology has the potential to revolutionize the financial system and disrupt many parts of the financial world, with profound implications for investors, Christian Staub, chief executive of Fidelity International, said in a statement.
“We are initially offering investors access to the world's largest cryptocurrency, Bitcoin, but we are continually reviewing our product range and will consider additional products and services based on customer demand,” a Fidelity International spokesperson said in an email to Blockworks.
Fidelity Digital Assets, a company that Fidelity Investments founded in 2018, acts as custodian of the Fidelity Physical Bitcoin ETP.
A Fidelity Digital Assets survey released last year found that around 90% of institutional investors interested in digital assets expect to have an allocation to this area within the next five years.
The Canadian subsidiary of Fidelity Investments launched an ETF in December that invests directly in Bitcoin.
Despite the numerous launches of spot crypto ETPs abroad in recent months, the Securities and Exchange Commission has yet to approve a spot crypto ETF in the US. The agency disputed Wise Origin Bitcoin Trust from Fidelity Investments last month.
“We reiterate our belief in the market readiness of a physical exchange-traded Bitcoin product and look forward to continued constructive dialogue with the SEC,” a spokesperson told Blockworks at the time.
As Fidelity Investments — with nearly $4.5 trillion in discretionary assets as of Dec. 31 — awaits approval for its U.S. spot Bitcoin product, it filed for two ETFs that would invest in companies operating in the Metaverse and broader crypto industries.
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The post Fidelity International Bitcoin ETP Hits Europe is not financial advice.