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.