Bitcoin »Fidelity Canada Launches Cash ETF

Fidelity Canada launches Bitcoin Cash ETF

Fidelity Canada has launched a Bitcoin Exchange Traded Fund (ETF) that will allow investors to buy and sell real Bitcoin instead of derivatives.

It has been a bumpy ride for Bitcoin (BTC) investors. While waiting for the U.S. Securities and Exchange Commission (SEC) to decide whether or not to approve a Bitcoin exchange-traded fund (ETF), Canadian investment firm Fidelity would launch a spot ETF in the country. , subject to regulatory approval.

According to a tweet shared by Erick Balchunas, a senior analyst at Bloomberg, the “Fidelity Advantage Bitcoin ETF” fund is currently awaiting listing on a Canadian stock exchange. Balchunas also noted that if the new fund is successful, it will become the largest asset management company offering Bitcoin services.

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

Meanwhile, the SEC is still out on whether or not to approve a Bitcoin Spot ETF, which many market experts say will be successful in the market.

Grayscale Investments has criticized the recent SEC denial of VanEck’s Spot Bitcoin ETF app, as reported by Cointelegraph. Grayscale Bitcoin Trust (GBTC) operator claims in a letter to SEC Secretary Vanessa Countryman that the SEC was wrong to reject Bitcoin cash ETFs as it has now authorized three of these based products. Bitcoin futures contracts.

Canada is no stranger to Bitcoin ETFs. The introduction of FBTC could pave the way for other cash ETFs in the Canadian market. This would be a significant win for investors as it would allow them to gain exposure to BTC without having to go to the trouble of buying and storing it themselves.

By Arnold Kirimi, Cointelegraph

Arnold has been an active Bitcoin enthusiast in the blockchain industry since 2016. He enjoys talking about blockchain and its implications for the future of humanity.

The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.

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