16 C
Manchester
October 5, 2022
Image default
Bitcoin

Fidelity launches Bitcoin ETF in Canada

Fidelity, one of the world’s biggest asset managers is expected to launch a Bitcoin ETF in Canada this week.

The decision of the fidelity launching its Bitcoin ETF in Canada instead of the US shows that institutional companies will not wait for US SEC approval to launch their product.

The US SEC recently approved two Bitcoin Futures ETFs while rejecting the cash ETF proposal, claiming that the BTC market is not mature enough and subject to manipulation. Even though Bitcoin ETFs are already available to investors in several countries around the world, including Canada, Brazil and Dubai.

Fidelity was among the first ETF applicants in the BTC’s sight and also lobbied privately with the SEC, but failed to convince them.

An ETF is a publicly traded investment vehicle that tracks the value of an underlying asset; in the case of a Bitcoin ETF, that asset is Bitcoin.

According to a tweet shared by Bloomberg senior ETF analyst Erick Balchunas, the fund “Fidelity Advantage Bitcoin ETF” is currently pending listing on a Canadian exchange. The analyst also noted that if the new fund is successful, it will become the largest asset manager to offer Bitcoin services.

The move comes days after Fidelity received regulatory approval to launch Fidelity Clearing Canada (FCC), the county’s first institutional solution to offer escrow and trading services for digital assets.

Earlier this year, Fidelity Digital Assets, the company’s crypto-active arm, led a search among institutional investors, which found that 70% of respondents plan to buy or invest in digital assets in the near future, with over 90% planning to do so by 2026.

Fidelity’s decision to offer a cash ETF in Canada only adds fuel to the fire as one of the world’s largest asset managers, with nearly $4 trillion in assets, is compelled to develop a service in Canada to meet the demands of customers.

Related posts

Joe Biden is planning further reprinting –

Aparnna Hajirnis

Analyst points out that $ 17,149 is the last resistance zone that prevents Bitcoin from reaching the new ATH

Anupreet Kaur

David Portnoy lost 25,000 on Bitcoin USD |

Aparnna Hajirnis

Leave a Comment