London Stock Exchange- Bitcoin ETP from Fidelity International Now Available on London Stock Exchange
London Stock Exchange– Fidelity International announced on Wednesday that its bitcoin exchange-traded product (ETP) has been listed on the London Stock Exchange, exclusively available to professional investors.
The launch of the Fidelity Physical Bitcoin ETP (ticker: FBTC) follows the UK’s Financial Conduct Authority’s approval in late May to list bitcoin-backed exchange-traded notes for professional investors. This regulatory update has paved the way for firms like 21Shares, WisdomTree, and Global X to introduce similar products to the UK market.
Stefan Kuhn, Head of ETF & Index Distribution Europe at Fidelity International, commented, ‘The FCA’s decision to authorize crypto asset-backed ETNs for professional investors is a positive step, reflecting the growing acceptance and demand for digital assets traded on a secure and regulated exchange. The Fidelity Physical Bitcoin ETP provides professional investors in the UK with an institutional-quality solution to access the market in a familiar, straightforward, and secure manner.’
Fidelity Bitcoin ETP Offers Enhanced Accessibility and Lower Fees
Fidelity’s bitcoin exchange-traded product (ETP), fully backed by bitcoin and launched in February 2022 on Deutsche Börse Xetra and SIX Swiss Exchange, provides investors with a straightforward means to track bitcoin’s price movements.
According to Fidelity’s press release, the ETP aims to offer investors a convenient and cost-effective way to gain exposure to bitcoin, utilizing Fidelity Digital Assets as the digital asset custodian.
In February 2024, Fidelity reduced the Ongoing Charges Figure (OCF) of its bitcoin ETP from 0.75% to 0.35%, enhancing its competitive pricing strategy. The OCF denotes the annual management cost associated with investment products like funds or exchange-traded products (ETPs).
FAQs
What is Fidelity International’s Bitcoin ETP?
Fidelity International’s Bitcoin Exchange-Traded Product (ETP), ticker symbol FBTC, is an investment product fully backed by bitcoin. It allows professional investors to gain exposure to bitcoin’s price movements through a regulated exchange.
When was Fidelity’s Bitcoin ETP listed on the London Stock Exchange?
Fidelity’s Bitcoin ETP was listed on the London Stock Exchange on [insert date], following approval by the UK’s Financial Conduct Authority (FCA) for listing bitcoin-backed exchange-traded notes for professional investors.
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