Fidelity Canada launches Bitcoin ETF and Mutual Fund

by: Dynasty GI2021-12-06
Fidelity Canada has formally launched two Bitcoin-based investment products, the Fidelity Advantage Bitcoin exchange-traded fund (ETF) and the Fidelity Advantage Bitcoin ETF Fund, making them the first such assets made available in the country.
The funds, denominated in US and Canadian dollars, are listed on the Toronto Stock Exchange, with the ETFs designed to track the performance of Bitcoin’s spot price. Fidelity currently manages the equivalent of USD 162 billion in assets in Canada.

In neighbouring US, the first Bitcoin futures ETF was launched in October which allows for investment in Bitcoin future contracts but not Bitcoins directly. Fidelity Canada’s version is based on actual Bitcoins, bought and stored through it.
"This move by Fidelity Canada is an important step for investors as funds in the US are still not able to invest in cryptos directly. As it has just opened, it is too early to evaluate its performance but I believe there will be strong interest from those who want to diversify their investments but do not want to directly hold and manage a cryptocurrency wallet."
Predicted the founder and CEO of Dynasty Global Investments AG, Eduardo Carvalho.


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