Fidelity International has launched its first investment product that tracks bitcoin in Europe as the UK investment manager capitalizes on the growing demand for exposure to cryptocurrencies.
Financial Times reports the Fidelity Physical Bitcoin Exchange Traded Product (ETP), available to professional and institutional clients in Europe, began trading on Deutsche Börse Xetra. Fidelity said a physical Bitcoin trading product (ETP) would debut on the SIX Swiss Exchange in the coming weeks.
Launching the ETP “is the first step in the capabilities of our digital asset product,” said Nick King, head of ETFs at the company.
The decision to list the ETF comes after a survey by Fidelity Digital Assets found that 70% of institutional investors expect to buy or invest in digital assets in the future. The survey found that more than 90% of those interested in digital assets expect an allocation in the institutions or clients’ portfolios within the next five years.
Nick King, head of exchange-traded funds at Fidelity, told the Financial Times that the launch was an “important evolution” in the company’s ETP offering and the first step in its “digital assets product capability.”
The ETP’s “underlying distributed ledger technology has the potential to revolutionize the financial system over time and disrupt many parts of the financial world with profound implications for investors,” Christian Staub, managing director for Europe at Fidelity, told the Financial Times.
The Bitcoin spot ETF has not yet been approved in the US, and several asset managers have seen their proposals rejected by SEC.
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