Boston-based financial giant Fidelity has rolled out its Bitcoin exchange-traded product (ETP) in London. The product comes with 0.35% ongoing charges.
However, the listing is likely to have a limited impact since the product will be available only for accredited investors.
The U.K.'s main financial regulator greenlit the listing of such products in March. Fidelity's Stefan Kuhn described this decision as a "positive development."
As reported by U.Today, two Bitcoin ETPs from WisdomTree and 21Shares made their much-anticipated debut in London in late May. It is worth noting that European regulators do not allow issuing ETFs that are tied to a single commodity.
Earlier this year, Fidelity joined other firms in launching a spot Bitcoin exchange-traded fund in the U.S.
Although its product has been overshadowed by BlackRock's IBIT, it was still a tremendous success.
Fidelity was one of the first financial behemoths to wade into the newfangled crypto industry, with CEO Abigail Johnson being a staunch supporter of Bitcoin.
The financial giant allegedly started mining Bitcoin all the way back in 2014. The company officially dipped its toes into crypto custody back in 2018, taking on such crypto-native firms as Coinbase.
As reported by U.Today, Jurrien Timmer, director of global macro at Fidelity Investments, has repeatedly compared Bitcoin to gold
After experiencing massive success with its Bitcoin ETF, Fidelity went on to launch an Ether-based ETF earlier this year.
According to Fortune, Fidelity also intends to launch ETFs for more crypto products. However, it is not clear whether it is going to happen in the near future.
Godfrey Benjamin
Vladislav Sopov
Dan Burgin