Fidelity’s two new Bitcoin ETP (Exchange Traded Product) listings have been announced on the SIX Swiss Exchange. This is a sign of faith from Fidelity and another step into the cryptocurrency market for institutional investors.
The move allows institutions to invest in cryptocurrencies without having to purchase digital assets directly through a broker or exchange; it also makes trading easier for professional traders, who are not technically savvy enough to trade in individual coins but would rather see one pre-determined price versus other major fiat currencies such as US dollars, Euros and Yen.
In a press release on March 23, Fidelity Exchange Traded Products GmbH announced the listing of two Bitcoin ETPs (in US dollars and Swiss francs) on SIX Swiss Exchange.
SIX said that the two new bitcoin exchange traded funds listed by Fidelity bring the total number of crypto ETP issuers to 10, and the number of crypto ETPs on the market to 133. SIX said that the two new bitcoin exchange traded funds listed by Fidelity bring the total number of crypto ETP issuers to 10, and the number of crypto ETPs on the market to 133.
Nick King, Head of ETFs at Fidelity, said they were pleased to introduce the Fidelity Physical Bitcoin ETP, a key step in developing their ability to offer digital assets as an exchange traded product. Nich shared that their partnership with Fidelity Digital Assets and Brown Brothers Harriman had enabled them to deliver a product structure that offers customers in Europe easy and secure access to Bitcoin.
In the press release it was also stated, “Fidelity has become the second crypto exchange traded product issuer on the SIX Swiss Exchange this year and has been offering 23 ETFs since 2018,” according to the press release.”
In addition to offering investment solutions and retirement expertise, Fidelity International operates in more than 25 countries and has USD 812.8 billion in assets under management.
A total of USD 610.5 billion is invested by Fidelity International on behalf of its clients as of 31 December 2021.
Christian Reuss, Head SIX Swiss Exchange, added:
“Clients increasingly turn to us for cryptocurrency listing and trading because of our first-rate trading infrastructure and clear framework for crypto underlyings. We are delighted to welcome Fidelity as a new issuer of ETPs and to further expand our product range.“
A Fidelity International fund called “Fidelity Physical Bitcoin ETP (FBTC)” went public on February 15, as reported by ETF Stream, with a 0.75% total expense ratio (TER).
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