HomeTech StoriesFidelity Launches Its First Bitcoin Exchange-Traded Product in Europe

Fidelity Launches Its First Bitcoin Exchange-Traded Product in Europe


Fidelity International has launched its first investment product that tracks Bitcoin in Europe, as the British investment manager taps into rising demand for exposure to digital currencies.

The Fidelity Physical Bitcoin ETP, available to the asset manager’s professional and institutional clients in Europe, began trading on the Deutsche Börse Xetra on Tuesday. Bitcoin Price in India as of February 11 at 10:23am IST was Rs. 32.02 lakh.

The physical Bitcoin exchange-traded product (ETP) will also debut on the SIX Swiss Exchange in the coming weeks, Fidelity said.

Nick King, head of ETFs at the company, said the ETP launch “is the first step in our digital assets product capability”.

The decision to list an ETF comes after a Fidelity Digital Assets survey indicated that 70 percent of institutional investors expect to buy or invest in digital assets in the future.

More than 90 percent of those interested in digital assets expect to have an allocation in their institution’s or clients’ portfolios within the next five years, the survey showed.

In the United States, a spot Bitcoin ETF is yet to be approved, and several asset managers have seen their proposals rejected. A proposal to list Fidelity’s Wise Origin Bitcoin Trust was vetoed last month.

The price of Bitcoin, the world’s largest cryptocurrency, is trading at $40,429 (roughly Rs. 30.19 lakh) after losing nearly half its value in January from its all-time peak of $69,000 (roughly Rs. 51.53 lakh).

© Thomson Reuters 2022


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.



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