Fidelity International, which has been operating as an independent firm from Fidelity Investments for over 40 years, is launching a Bitcoin (CRYPTO: BTC) exchange-traded product (ETP) on the SIX Swiss Exchange, the Frankfurt Stock Exchange and Germany’s Xetra digital stock exchange.
What Happened: Fidelity launched its Fidelity Physical Bitcoin ETP (FBTC) on the Deutsche Boerse and the Frankfurt Stock Exchange today, with the SIX Swiss Exchange to follow over the next few weeks, according to an ETF Stream report.
ETF Stream describes the product as the joint-cheapest Bitcoin ETP with a total expense ratio of 0.75%. It will be centrally cleared with the global exchange Eurex Clearing, with Fidelity International acting as the custodian for the physical Bitcoin. As of press time, Fidelity Physical Bitcoin ETP is trading at €3.8356 — currently equivalent to $4.37.
See Also: BEST CRYPTO ETFS
The news follows Fidelity having the application for its Wise Origin Bitcoin Trust ETF Application rejected by the U.S. Securities and Exchange Commission at the end of January. Fidelity has been one of numerous investment firms attempting to launch a physically-backed Bitcoin exchange-traded fund (ETF) in the United States, but, just like everyone else, has so far been unsuccessful.
BTC Price Action: As of press time, Bitcoin is trading at over $44,094 after seeing its price increase by about 0.24% over the last 24 hours.
Photo: Courtesy of Jernej Furman on Flickr
