In a groundbreaking move, Fidelity International has launched its Physical Bitcoin Exchange Traded Product (ETP) on the London Stock Exchange (LSE). This marks a significant step for digital assets in the UK, drawing considerable attention from professional investors. Amid a significant buzz in the ETF market, this news has fueled optimism among the crypto market participants.
Fidelity Debuts Bitcoin ETP On LSE
Fidelity’s new offering comes in the wake of the Financial Conduct Authority’s (FCA) decision to allow crypto asset-backed Exchange Traded Notes (ETNs) for professional investors. This regulatory change has paved the way for firms like Fidelity, WisdomTree, and Global X to bring digital asset products to the UK market.
Meanwhile, the Fidelity Physical Bitcoin ETP aims to track Bitcoin’s price movements and is fully backed by the cryptocurrency. It offers a competitive edge with an ongoing charges figure (OCF) of just 0.35%, significantly reduced from its previous 0.75%. Stefan Kuhn, Fidelity’s Head of ETF & Index Distribution in Europe, highlighted the growing global interest in cryptocurrencies.
Besides, he attributed this surge to the approval of the first Bitcoin ETFs in the US. According to Kuhn, the FCA’s authorization reflects increasing acceptance and demand for digital assets offered through secure and regulated exchanges. He emphasized that the Fidelity Physical Bitcoin ETP provides a straightforward, secure entry point for professional investors in the UK.
The post Just-In: Fidelity Launches Bitcoin ETP On London Stock Exchange appeared first on CoinGape.
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