For Bitcoin (BTC) investors, it has been a bumpy road. While waiting for the US Securities and Exchange Commission (SEC) to decide whether to approve a bitcoin trading fund (ETF), the Canadian investment company Fidelity is said to be launching an ETF in the country. Subject to regulatory approval.
According to a tweet shared by Bloomberg Senior ETF analyst Eric Balchonas, the Fidelity Advantage Bitcoin ETF is awaiting listing on the Canadian stock exchange. Balchunas also noted that if the new fund succeeds, it will be the largest asset management company offering Bitcoin services.
Fidelity’s decision to offer an immediate ETF in Canada only puts fuel on the fire as one of the world’s largest asset managers with almost $ 4 trillion in assets is forced to develop the service in Canada to meet customer requirements.
Related: The world’s largest bitcoin fund could become an ETF by July when GBTC approaches $ 40 billion.
Meanwhile, the Securities and Exchange Commission (SEC) is still debating whether to approve the Bitcoin spot ETF, which many market experts believe will succeed in the market.
Grayscale Investments has criticized VanEck’s recent rejection of the Bitcoin ETF by the Securities and Exchange Commission, reports Cointelegraph. The operator Grayscale Bitcoin Trust (GBTC) claims in a letter to SEC Secretary Vanessa Countryman that the Securities and Exchange Commission (SEC) was wrong when they rejected spot bitcoin ETFs because it now allowed three of these products based on bitcoin futures.
Related: Bitcoin Spot ETF Shunt VanEck promotes SEC’s view of cryptocurrency.
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 great benefit for investors, as it will allow them to access bitcoins without having to buy and store them themselves.