Fidelity set to launch Fidelity Advantage Bitcoin, a spot BTC ETF
Fidelity is set to launch its first Bitcoin spot ETF in Canada as a Bloomberg senior ETF analyst, Eric Balchunas, reported in a tweet. As Balchunas claimed in a tweet, the American multinational financial services corporation will launch the spot ETF this week.
Fidelity spot BTC ETF
In a recent report, Fidelity received approval to be the sole custodian of Bitcoin in the nation from the Investment Industry Regulatory Organization of Canada (IIROC). It was revealed that the firm would provide a new digital assets-based product.The fund is aimed at investors who are interested in investing in Bitcoin-related funds, mutual funds, and exchange-traded products. It currently has $4.9 trillion assets under management with a total AVN of $8.3 trillion.
As per Bloomberg analyst, the fund with FBTC CN is currently pending listing on the Canadian Exchange and will trade under Fidelity Advantage Bitcoin. This new spot BTC ETF will make the asset management firm the biggest asset management company to hold a BTC-based product.
"Fidelity launching a spot bitcoin ETF in Canada this week. Didn't know about this. Will easily be the biggest asset manager to date with a bitcoin ETF," said Balchunas.
Spot vs. Futures ETF
The Spot BTC ETF has a major advantage over the futures traded ETF, which will lead to a massive influx of capital in the world's biggest cryptocurrency. The spot BTC ETF in Canada provides a major advantage for investors who will have increased exposure to the physical Bitcoin and not a contract like futures-traded ETF.Fidelity recently stated that Bitcoin adoption of El Salvador would be a test for the king of cryptocurrencies. Speaking on the rapid acceptance of BTC all over the world, Balchunas criticized the United States SEC.
"This should be embarrassing for the SEC that one of America's biggest, most storied names in investing is forced to go up North to serve its clients. But it prob won't matter," said Balchunas.
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