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IN EUROPE, FIDELITY INTERNATIONAL LAUNCHES A BITCOIN ETP

  • Today, the Deutsche Boerse lists a bitcoin exchange-traded product with a 0.75 percent fee.
  • To meet increased demand from institutions, Fidelity International launched a bitcoin exchange-traded product in Europe.
  • FBTC is listed on the Deutsche Boerse today and will be listed on the SIX Swiss exchange in the coming weeks, with a 0.75 percent fee.
  • For over 40 years, Fidelity International has operated as a separate entity from Fidelity Investments.

According to a press release, Fidelity International has launched its first bitcoin exchange-traded product (ETP) in Europe, making it the joint-cheapest offering available for investors in the old continent seeking direct exposure to the bitcoin price.

The Fidelity Physical Bitcoin ETP will be listed today on the Deutsche Börse Xetra under the ticker symbol “FBTC” and in the coming weeks on the SIX Swiss Exchange. It will have a 0.75 percent ongoing charge figure (OCF).

Following a Fidelity Digital Assets survey last year that found that seven out of ten institutional investors plan to invest in cryptocurrency in the near future, Fidelity International launched FBTC for its European institutional and professional investors seeking an easy investment avenue for Bitcoin.

“Our priority is to provide institutional and professional investors with access to this innovative asset class at a competitive price point,” said Christian Staub, managing director for Europe at Fidelity International. “FBTC provides clients with a high-quality institutional solution for entering the market in a familiar, simple, and secure manner.”

FBTC will be “physically backed” by bitcoin held in custody by Fidelity Digital Assets, with Eurex Clearing providing clearing services and Brown Brothers Harriman acting as administrator and transfer agent.

Fidelity International was founded in 1969 as the international investment subsidiary of Fidelity Investments, a Boston-based financial services conglomerate with trillions of dollars in assets under management (AUM), but was spun off as a separate entity in 1980. According to the release, Fidelity International manages over $800 billion in assets for over 2.52 million clients in Asia Pacific, Europe, the Middle East, South America, and Canada.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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