Canadian investors get new options for fund-based exposure to popular cryptocurrency
Shortly after becoming the first Investment Industry Regulatory Organization of Canada (IIROC) entity to offer a secure and reliable platform for trading in crypto assets, Fidelity Investments has followed through on its announced plans to leverage its new capabilities.
Fidelity has launched the Fidelity Advantage Bitcoin ETF on the TSX with Canadian dollar and U.S. dollar versions trading under the ticker symbols FBTC and FBTC.U, respectively. It has also launched the Fidelity Advantage Bitcoin ETF Fund.
"As bitcoin and digital currencies are gaining recognition among investors, we are pleased to offer a professionally managed bitcoin ETF and ETF Fund supported by the strength and scale of Fidelity," said Kelly Creelman, senior vice president, Products and Marketing at Fidelity Investments Canada ULC.
After years of research and investment in bitcoin and blockchain, Fidelity has developed a deep understanding of crypto asset technology’s benefits, risks, and potential for investors. That put it in position to become the first IIROC dealer to offer a crypto trading and custody solution for institutional investors that includes vaulted cold storage; physical, cyber, and operational controls; and innovative safeguards across multiple levels.
That institutional-grade security will be used to store the bitcoin held by the Fidelity Advantage Bitcoin ETF, as well as the Fidelity Advantage Bitcoin ETF Fund, which invests in the ETF. By investing in the ETF and the fund, Canadian investors can get exposure to bitcoin within tax-advantaged registered accounts.
"Whether it is to diversify a portfolio, hedge against inflation or to gain exposure to an emerging asset class, we are excited to bring our innovative investments to the market and offer Canadian investors an opportunity to get exposure to bitcoin and help them meet their financial goals," Creelman said.
