Fidelity Investment’s first spot Bitcoin ETP goes live in Europe

Fidelity Investments has launched its first Bitcoin exchange-traded product (ETP) in Europe. The product currently is actually the cheapest of its kind to date.
Fidelity Investment's first spot Bitcoin ETP goes live in Europe

According to ETF Stream, Fidelity International, a global affiliate of one of the world’s largest financial firms, has announced the introduction of its first Bitcoin exchange-traded product (ETP) in Europe.

The FBTC ticker for the Fidelity Physical Bitcoin ETP has been listed in Frankfurt. It is the cheapest Bitcoin ETP to date, with a cost of only 75 basis points.

According to Christian Staub, European managing director of Fidelity International, there is a demand for an effective approach to obtain exposure to cryptocurrency:

As this technology becomes increasingly accepted, our clients are rightly asking for an efficient way to benefit from this trend. FBTC offers clients an institutional quality solution to enter the market in a familiar, simple and secure way.

The London-based subsidiary’s ETP will also be listed on the SIX Swiss Exchange, Europe’s third-largest stock exchange.

Fidelity also launched a spot Bitcoin-based exchange-traded fund (ETH) in December, making Canada the first government in the world to approve such a vehicle in early 2021.

Companies’ push for Bitcoin ETP and ETF

The Securities and Exchange Commission (SEC) of the United States, on the other hand, rejected Fidelity’s long-shot proposal to launch a spot Bitcoin ETF in the United States in January, effectively putting an end to cryptocurrency bulls’ dreams.

Last November, another well-known investment management firm, Invesco, entered the Bitcoin ETP market. VanEck made his debut in November 2020.

Last year, the overall number of Bitcoin ETPs climbed to 132, with total inflows exceeding $9 billion. Their issuers have profited from the increased institutional interest in Bitcoin.

Fidelity Digital Assets’ director of research, Chris Kuiper, recently stated that Bitcoin was superior to gold. He expects that sovereign nation-states would follow El Salvador’s lead and acquire the largest cryptocurrency in 2022, according to his latest paper.