(Seeking Alpha) Asset manager Fidelity Investments is reportedly launching a spot Bitcoin ETF in Canada following delays of approval of the product in the US.
Fidelity is said to have no intention to wait for the US Securities and Exchange Commission to determine if to approve a spot Bitcoin ETF.
Named the Fidelity Advantage Bitcoin ETF, the new product will provide exposure to physical bitcoins.
The move to create a spot Bitcoin ETF in Canada is believed to be driven by serious client demand amid delays by the US.
Canada has been a robust market for spot BTC ETF products, with the first product fetching over $400 million assets in only two days of debut.
Fidelity, one of the largest asset management entities in the world, controls about $4.2 trillion worth of assets.
BTCUSD is up +0.08%.
