Fidelity Investments, one of the world’s largest asset managers, has announced the launch of a Bitcoin ETF in Canada and does not intend to wait for the US Securities and Exchange Commission to make a decision on its fund.

Fidelity Investments currently manages approximately $4.2 trillion in assets, making it one of the world’s leading asset managers.

reveal Reports Finally, the company does not intend to wait for the US Securities and Exchange Commission (SEC) to make a decision on whether or not it will be allowed to launch a Bitcoin ETF in the USA.

Instead, Fidelity will launch its Bitcoin ETF in Canada.

The new product is called “Fidelity Advantage Bitcoin ETF (FBTC)” and it will track the price of bitcoins directly.

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This means that the fund will actually buy bitcoin instead of being exposed to one of its derivatives.

According to reports, Fidelity launched the new fund due to customer demand and chose Canada because the US authorities failed to provide any further clarification on the matter.

The move also comes days after Fidelity received Canadian regulatory approval to launch the country’s first institutional Bitcoin solution.

Canada is no stranger to discovering bitcoin ETF products.

As we mentioned earlier on Arab Bitcoin, the first ever product of its kind garnered over $400 million in assets within two days of its launch.

Other companies that will launch bitcoin ETFs include Galaxy Digital, led by Michael Novogratz, and CI GAM.

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