Fidelity International has become the latest asset manager to list a digital assets product in the UK, following the launch of the Fidelity Physical Bitcoin Exchange Traded Product on the London Stock Exchange.
The ETP aims to track the price movement of the world’s leading cryptocurrency. It is physically backed, and charges a 0.35% Ongoing Charges Figure.
The launch follows the Financial Conduct Authority’s decision to allow exchanges to create a market segment for crypto asset-backed Exchange Traded Notes, which are only available to professional investors.
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Since the regulatory change, WisdomTree and Global X have brought digital asset ETPs to the London Stock Exchange.
Stefan Kuhn, Fidelity head of ETF & index distribution, Europe, said: “Approval of the first spot bitcoin ETFs in the US has spurred interest from investors in cryptocurrencies all over the world.
“The FCA’s decision to authorise crypto asset-backed Exchange Traded Notes 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.”
The strategy was launched in February 2022 on the Deutsche Börse Xetra and the SIX Swiss Exchange.
