New ETFs in Canada Coming Soon
Fidelity Investments, one of the world's largest asset managers, has introduced the launch of a Bitcoin ETF in Canada and does not intend to wait for the US Securities and Exchange Commission to make a choice on its fund.
Fidelity Investments currently manages about $4.2 trillion in assets, making it one of the world's main asset managers.
Recent reports expose that the corporation does now not intend to wait for the US Securities and Exchange Commission (SEC) to make a selection on whether or not or now not it will be allowed to launch a Bitcoin ETF in the USA.
Instead, Fidelity will launch its Bitcoin ETF in Canada.
The new product is referred to as “Fidelity Advantage Bitcoin ETF (FBTC)” and it will song the rate of bitcoins directly.
This ability that the fund will simply buy bitcoin as an alternative of being exposed to one of its derivatives.
According to reports, Fidelity launched the new fund due to client demand and chose Canada because the US authorities failed to supply any further clarification on the matter.
The pass additionally comes days after Fidelity received Canadian regulatory approval to launch the country's first institutional answer for Bitcoin.
Canada is no stranger to discovering bitcoin ETF products.
As we referred to formerly on Bitcoin, the first ever product of its type garnered extra than $400 million in property inside two days of its launch.
Other agencies that will launch bitcoin ETFs encompass Galaxy Digital, led by way of Michael Novogratz, and CI GAM.
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