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Fidelity launches a Spot Bitcoin ETF in Canada not waiting for the SEC in the US
$Bitcoin (BTC.CC)$ Fidelity Investments is launching a Spot Bitcoin ETF in Canada, as the U.S. based firm is not waiting around for the Securities Exchange Commission to approve a decision in the United States.
Fidelity's ETF is called the $FIDELITY ADVANTAGE BITCOIN ETF UNIT SER L CAD (FBTC.CA)$, and it will directly obtain physical Bitcoin. Meaning the fund will buy actual Bitcoin rather than acquire it through a derivative instrument.
Fidelity's move just adds more fuel to the fire as one of America's largest asset managers with over $4T AUM is forced to create a product in Canada to meet their client's demands. At the same time, regulators in its own country still weigh their options on whether or not to approve a Spot Bitcoin ETF.
The new fund will also be actively managed.
Bitcoin price action: -1.4% on Tuesday and +98.1% year-to-date.
Canada is not the only country that has approved a Spot Bitcoin exchange traded fund. Recently Singapore joined the list as it now offers investors exposure to a Spot Bitcoin ETF.
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Butterflypuls : So can a US investor buy this ETF? I have my money with Etrade but assume Fidelity would want the ETF to be available to all investors.
FreyatheFre Butterflypuls : .. not sure, but i will be calling Fidelity tomorrow to get more info for folks in US.
Sweety Reality FreyatheFre : update us please if possible)
Bull Bull 1 : I don’t understand. Why not just buy bitcoin outright? Is it for the tax deferred retirement accounts that these products are necessary?
James Wade Bull Bull 1 : sec won't let them
DanDiem : It's for institutions and for people who don't want to deal with self-custody and just buy in their existing brokerage accounts.
Hearts Gainer : also it may be advantageous tax wise to buy a Bitcoin etf in an IRA
LITWENe : I would because it’s safer, my info not on Coinbase etc. the hack ability keeps me from buying coins directly