Fidelity International lists bitcoin ETP on London Stock Exchange
Quick Take
- Fidelity International listed its bitcoin-backed ETP on the London Stock Exchange on Wednesday exclusively for professional investors.
- The Fidelity Physical Bitcoin ETP (ticker: FBTC) has an Ongoing Charges Figure of 0.35%.
Fidelity International said Wednesday that its bitcoin exchange-traded product has been listed on the London Stock Exchange and is accessible to professional investors only.
The launch of Fidelity Physical Bitcoin ETP (ticker: FBTC) comes after the UK's Financial Conduct Authority approved the listing of bitcoin-backed exchange-traded notes for professional investors in late May. This regulatory change has opened the door for firms like 21Shares, WisdomTree and Global X to introduce similar products for the UK market.
"The FCA’s decision to authorize crypto asset-backed ETNs for professional investors is a positive development and reflects the increasing acceptance and demand of digital assets offered through a secure and regulated exchange. The Fidelity Physical Bitcoin ETP offers professional investors in the UK an institutional quality solution to enter the market in a familiar, simple and secure way," Fidelity International Head of ETF & Index Distribution Europe Stefan Kuhn said.
Fidelity's bitcoin-backed ETP first launched in 2022
Fidelity's ETP — which is 100% physically backed by bitcoin and tracks its price movement — was launched in February 2022, listing first on the Deutsche Börse Xetra and the SIX Swiss Exchange.
According to a press release by Fidelity, the ETP aims to represent a convenient and cost-effective way for investors to gain exposure to bitcoin. The digital asset custodian for the product is Fidelity Digital Assets.
In February 2024, Fidelity cut the Ongoing Charges Figure on its bitcoin ETP from 0.75% to 0.35% in an effort to make the product more competitively priced. The OCF represents the annual cost of managing an investment product, such as a fund or an exchange-traded product.
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