Fidelity International will launch its bitcoin ETP on the London Stock Exchange
The Fidelity Physical Bitcoin ETP tracks the price movements of the first cryptocurrency and is 100% physically backed by bitcoin
31.07.2024 - 16:00
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What’s new? Asset management company Fidelity International will launch a bitcoin-based exchange-traded product (ETP) for professional investors in the UK. The Fidelity Physical Bitcoin ETP product tracks the price movements of the first cryptocurrency and is 100% physically backed by bitcoin. The listing will be conducted by the London Stock Exchange (LSE).
What else is known? The Fidelity Physical Bitcoin ETP launched in February 2022 and was first listed on Deutsche Börse Xetra and SIX Swiss Exchange. It aims to provide investors with convenient and efficient access to bitcoin. The custodian of the cryptocurrency is Fidelity Digital Assets.
In February this year, the management fee was reduced from 0,35% to 0,75%, which increased the competitiveness of the product.
The listing follows a decision by the UK’s financial regulator FCA, which has authorized cryptocurrency-based exchange-traded notes (ETNs) to be listed on the local market exclusively for professional investors.
Fidelity International senior executive Stefan Kuhn noted that the approval of bitcoin-based spot exchange-traded funds (ETFs) in the United States in January increased investor interest in cryptocurrencies around the world.
He praised the FCA’s decision to allow professional investors to trade cryptocurrency ETNs, adding that it reflects the growing acceptance of digital assets and the demand for access to them through a secure, regulated exchange.
Lightning Network-based bitcoin payment system Strike has entered the UK market
In April, the company’s services became available to European users
In May, investment firm WisdomTree also launched spot BTC and ETH funds on the LSE with FCA authorization. The fee was also 0,35%.
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