Fidelity, the world’s third largest asset management company, has launched a spot bitcoin ETF on the Toronto Stock Exchange
Fidelity Investments manages assets worth more than $4.2 trillion. She became the largest asset manager to launch a spot bitcoin ETF. The fund itself is called Fidelity Advantage Bitcoin ETF and is traded on the Toronto Stock Exchange under the ticker FBTC. Its purpose is to invest in “physical” or spot BTC.
A few months ago, Fidelity representatives met with SEC management in order to get the green light for a similar product in the United States. However, so far the regulator has either not approved or completely rejected applications for spot cryptocurrency ETFs, stating that such products do not comply with the strict rules of mutual investment funds.
This position of the regulator was challenged by Grayscale, which sent a letter stating that the refusal to operate spot cryptocurrency ETFs is a whim of the agency:
“The Commission has no grounds to assert that investing in the derivatives market for an asset is acceptable for investors, while investing in the asset itself is not”
At the same time, Canada has allowed the operation of spot cryptocurrency ETFs, which have recently attracted billions of investments. Now Canadian investors will be able to get direct access to bitcoin by buying FBTC shares for Canadian dollars and US dollars.
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