Fidelity to launch a Bitcoin ETF in Canada

Fidelity to launch a Bitcoin ETF in Canada

None of China Cash Flowed Through the Congo Bank to Former President's Cronies

The Fidelity Advantage Bitcoin ETF will invest in Bitcoins directly or through derivative instruments, and customers will be able to make purchases in the fund with Canadian or U.S. dollars, according to a Nov. 22 filing. The exchange-traded fund, which would be listed on the Toronto Stock Exchange under the ticker FBTC, could be launched as soon as Thursday.

The filing came after Boston-based Fidelity officials met with the U.S. Securities and Exchange Commission to urge the approval of a similar ETF in the US SEC Chairman Gary Gensler, who said that any funds would have to comply with the strictest rules for mutual funds, in contrast to most applications, including Fidelity s. Fidelity filed for aBitcoin ETF in the U.S. in March.

SeveralBitcoin futuresETFs have recently been approved in the U.S. spotBitcoinETFs, but they have yet to be endorsed. The Canadian authorities have embraced theETFs, which have attracted billions in investments.

One of the biggest names in investing is forced to go up North to serve its clients, according to the Bloomberg Senior ETF Analyst Eric Balchunas, who said on Twitter that this should be embarrassing for the SEC.

After bursting into mainstream consciousness in 2017, Bitcoin has proven to be one of the decade s best performing assets despite lingering questions about its utility and price manipulation. The largest criptocurrency by market value returned around 6,000% over the past five years.

State Street Trust Co. Canada was retained as the registrar and transfer agent, and Fidelity will provide custody services for the fund assets.

The Investor Reshaping Exxon From the Inside: None Charlie Penner, the Investor Reshaping Exxon From the Inside