Fidelity Investments to Bring Bitcoin ETF to Canada

It appears that Canada will soon be getting yet another bitcoin ETF, as Fidelity Investments plans to offer Canadian investors exposure to the cryptocurrency just as US regulators remain hesitant to move ahead with the fund’s approval.

According to a filing from November 22, Canadian investors will be able purchase bitcoin either directly or via derivatives using both Canadian or US currencies. The fund, called the Fidelity Advantage Bitcoin ETF, is expected to debut on the TSX under the ticker symbol FBTC as early as Thursday.

The filing follows a recent meeting with Fidelity and the SEC, where the US-based asset manager advocated for the approval of a comparable ETF for US markets. However, SEC Chair Gary Gensler hinted that the approval of such investment products would be subject to stringent regulations for mutual funds.

Although several bitcoin futures ETFs have already received approval in the US, the SEC has remained reluctant to embrace a spot bitcoin ETF. On the other hand, Canadian regulators have given the green light for the investment instruments, which have already attracted billions of dollars in inflows. “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,” tweeted Bloomberg senior ETF analyst Eric Balchunas.


Information for this briefing was found via Fidelity Investments and Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Silver47 Completes Property-Wide Geochemical, Rock Sampling Program At Adams Plateau, Identifies Numerous Targets

Altamira Gold Identifies Presence Of Second Mineralized Porphyry Body At Cajueiro

Related News

Invesco: Bitcoin May Plummet to $30K as Crypto Bubble Deflates

The world’s largest cryptocurrency may lose its luster in 2022, as the crypto bubble continues...

Wednesday, January 19, 2022, 10:14:00 AM

New Rule Requires Crypto Transactions Over $10,000 to Be Reported to the IRS

The crackdown on crypto continues. As part of President Joe Biden’s 2021 Infrastructure Investment and...

Thursday, January 4, 2024, 11:43:00 AM

Elizabeth Warren Introduces Bill To Crack Down On Crypto

US Senator Elizabeth Warren has unveiled a bipartisan bill aimed at addressing her apprehensions regarding...

Tuesday, December 12, 2023, 01:40:00 PM

Bitcoin Reaches Record High Following Trump Win

Bitcoin reached unprecedented heights on Thursday, surpassing $76,600 and leading a broad cryptocurrency market rally...

Thursday, November 7, 2024, 03:18:00 PM

First US Bitcoin ETF to Make NYSE Debut on Tuesday

The price of bitcoin was sent higher on Monday, after the SEC officially greenlighted the...

Monday, October 18, 2021, 04:58:00 PM