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Fidelity goes to Canada to launch the first ETF directly in Bitcoin

Investment giant Fidelity Investments, one of the largest asset managers in the world, plans to offer investors access to Bitcoin through a Canadian ETF, following the example of other companies, as US authorities appear reluctant to give their approval, according to reports. Bloomberg.

The Fidelity Advantage Bitcoin ETF will invest directly in Bitcoin or through derivative instruments and customers will be able to make purchases at the fund in Canadian or US dollars, according to a company update from November 22.

The ETF, which is likely to be traded on the Toronto Stock Exchange under the FBTC symbol, may even start today.

This development follows the meetings of Fidelity executives with officials of the US Securities and Exchange Commission (SEC) for several months in an effort to secure the approval of a similar ETF in the US, according to Bloomberg.

SEC President Gary Gensler has shown that such schemes must comply with the strictest rules on mutual funds – unlike most applications for approval, including Fidelity. Fidelity applied for a Bitcoin ETF in the US last March.

Although several ETFs in Bitcoin futures have recently been approved in the US, the spot ETFs in the Bitcoin market have not yet received the green light. In contrast, Canada has approved such ETFs in Bitcoin, which have already attracted billions in investment.

“It should be particularly embarrassing for the SEC that one of the biggest and most historic names in the US investment industry is being forced to head north to serve its clients,” Bloomberg analyst Eric Balchunas told Twitter. ETF.

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