Major asset manager Fidelity Investments is looking to roll out a spot Bitcoin exchange-traded fund in Canada as its application with regulators remains pending, CryptoPotato reported.
Dubbed as the Fidelity Advantage Bitcoin ETF, the product will obtain physical Bitcoins directly. The fund will acquire actual Bitcoin instead of offering exposure through derivative instruments.
Fidelity is banking on high client demand and is keen on Canada as American authorities have yet to provide any guidance on its pending application for a Bitcoin ETF in the US.
The FBTC will be actively managed, with the announcement made days after Canadian regulators approved the launch of the country’s first Bitcoin institutional solution.
Other firms are also planning to launch a spot BItcoin ETF include Galaxy Digital. BTC is down 1.52%, while BITO is down 0.25%, and GBTC is down 2.03% premarket.