Blockchain

Fidelity reportedly launched a spot Bitcoin ETF in Canada

[ad_1]

For Bitcoin (BTC) investors, this is a bumpy journey. While waiting for the US Securities and Exchange Commission (SEC) to decide whether to approve a spot Bitcoin exchange-traded fund (ETF), it is reported that the US investment company Fidelity Investments is launching a spot ETF in Canada subject to regulatory approval.

According to a tweet shared by Bloomberg senior ETF analyst Erick Balchunas, the “Fidelity Advantage Bitcoin ETF” fund is currently waiting to be listed on the Canadian exchange. Balchunas also pointed out that if the new fund succeeds, it will become the largest asset management company that provides Bitcoin services.

Fidelity’s decision to provide spot ETFs in Canada will only add fuel to the fire, because one of the world’s largest asset management companies with nearly $4 trillion in assets is forced to develop services in Canada to meet customer needs.

Fidelity did not immediately respond to Cointelegraph’s request for comment.

related: With GBTC’s asset management scale approaching $40, the world’s largest Bitcoin fund may become an ETF in July

At the same time, the US Securities and Exchange Commission is still considering whether to approve a spot Bitcoin ETF, which, according to many market experts, will be impacted in the market.

Grayscale Investments criticizes the U.S. Securities and Exchange Commission According to Cointelegraph, VanEck’s application for a spot Bitcoin ETF was recently rejected. The operator of the Grayscale Bitcoin Trust (GBTC) stated in a letter to Vanessa Countryman, secretary of the US Securities and Exchange Commission, that the US Securities and Exchange Commission was wrong to reject spot bitcoin ETFs because it now allows three types of bitcoin-based ETFs. Such products of futures.

related: VanEck’s Bitcoin spot ETF diversion strengthens the SEC’s prospects for cryptocurrencies

Canada is no stranger to Bitcoin ETFs. The launch of FBTC may pave the way for new spot ETFs in the Canadian market. This will be a major victory for investors because it will allow them to access Bitcoin without having to buy and store Bitcoin themselves. Unlike futures-backed funds, spot bitcoin products allow investors to directly access cryptocurrencies without worrying about high rollover costs.