It’s been a bumpy ride for Bitcoin (BTC) investors. While waiting on the United States Securities and Exchange Commission (SEC) to make their decision about whether or not they will approve a spot Bitcoin exchange-traded fund (ETF), U.S-based investment firm Fidelity Investments is reportedly launching a spot ETF in Canada subject to regulatory approval.
According to a tweet shared by Bloomberg senior ETF analyst Erick Balchunas, the fund “Fidelity Advantage Bitcoin ETF” is currently pending listing on a Canadian exchange. Balchunas also pointed out that if the new fund succeeds, it would become the largest asset management firm that offers Bitcoin services.
SEMI-SHOCK: Fidelity launching a spot bitcoin ETF in Canada this week. Didn’t know about this. Will easily be the biggest asset manager to date with a bitcoin ETF. pic.twitter.com/H2XJRBY3O6
— Eric Balchunas (@EricBalchunas) November 30, 2021
Fidelity’s decision to offer a spot ETF in Canada only adds fuel to fire, as one of the world’s largest asset managers with almost $4 trillion in assets is compelled to develop a service in Canada to satisfy customer demands.
Fidelity did not immediately respond to Cointelegraph’s request for comment.
Related: Biggest Bitcoin fund in the world could become ETF by July as GBTC nears $40B AUM
Meanwhile, the SEC is still deliberating whether or not to approve a spot Bitcoin ETF, which according to many market experts will be a hit in the market.
Grayscale Investments has criticized the U.S. SEC’s recent refusal of VanEck’s spot Bitcoin ETF application, as reported by Cointelegraph. The operator of the Grayscale Bitcoin Trust (GBTC) claims in a letter to Secretary of the SEC Vanessa Countryman that the SEC is wrong to reject spot Bitcoin ETFs since it has now permitted three such products based on Bitcoin futures.
Related: VanEck’s Bitcoin spot ETF shunt solidifies SEC’s outlook on crypto
Canada is no stranger to Bitcoin ETFs. The introduction of the FBTC might pave the way for additional spot ETFs in the Canadian market. This would be a significant victory for investors since it would allow them exposure to Bitcoin without having to go to the trouble of purchasing and storing it themselves. Spot Bitcoin products, as opposed to futures-backed funds, allow investors to get direct exposure to the cryptocurrency without having to worry about high roll costs.