For Bitcoin (BTC) investors, it has been a bumpy ride. While waiting for the US Securities and Exchange Commission (SEC) to decide on the approval of a bitcoin spot trading fund (ETF), Canadian investment firm Fidelity is launching an ETF in the country. Subject to regulatory approval.
According to a tweet posted by Eric Balchonas, chief analyst at Bloomberg, the “Bitcoin ETF Fidelity Advantage” is currently awaiting listing on the Canadian Stock Exchange. Balchunas also noted that if the new fund succeeds, it will become the largest asset management company providing Bitcoin services.
Fidelity’s decision to immediately offer an ETF in Canada only rekindles the fire as one of the world’s largest asset managers with nearly $ 4 trillion in assets is forced to develop the service in Canada to meet client demands.
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Meanwhile, the Securities and Exchange Commission (SEC) is still examining the possibility of approving a Bitcoin ETF that many market experts believe will be successful in the market.
Cointelegraph reports that Grayscale Investments has criticized the SEC’s recent rejection of VanEck’s Spot Bitcoin ETF. Operator Grayscale Bitcoin Trust (GBTC) claims in a letter to SEC Secretary Vanessa Countryman that the SEC was wrong in rejecting bitcoin spot ETFs because it now allowed three such products based on bitcoin futures.
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Canada is no stranger to Bitcoin ETFs. The introduction of the FBTC could pave the way for more ETFs in the Canadian market. This will be a huge win for investors as it will allow them to access Bitcoin without having to worry about buying and storing it.