Fidelity launches a Spot Bitcoin ETF in Canada, not waiting for the SEC in the U.S.

Fidelity Investments is launching a Spot Bitcoin ETF in Canada, as the U.S. based firm is not waiting around for the Securities Exchange Commission to approve a decision in the United States. Fidelity's ETF is called the Fidelity Advantage Bitcoin ETF (FBTC), and it will directly obtain physical Bitcoin (BTC-USD). Meaning the fund will buy actual Bitcoin rather than acquire it through a derivative instrument. Fidelity's move just adds more fuel to the fire as one of America's largest asset managers with over $4T AUM is forced to create a product in Canada to meet their client's demands. At the same time, regulators in its own country still weigh their options on whether or not to approve a Spot Bitcoin ETF. The new fund will also be actively managed. Bitcoin price action: -1.4% on Tuesday and +98.1% year-to-date. Canada is not the only country that has approved a Spot Bitcoin exchange traded fund.