- Fidelity International launched a bitcoin exchange-traded product in Europe to meet increased demand from institutions.
- FBTC lists on the Deutsche Boerse today and on the SIX Swiss exchange in the coming weeks carrying a 0.75% fee.
- Fidelity International has been operating as an independent firm from Fidelity Investments for over 40 years.
Fidelity International has launched its first bitcoin exchange-traded product (ETP) in Europe in what is the joint-cheapest offering available for investors in the old continent seeking direct exposure to the bitcoin price, according to a press release sent to Bitcoin Magazine.
The Fidelity Physical Bitcoin ETP will list on the Deutsche Börse Xetra today under the ticker symbol “FBTC” and on the SIX Swiss Exchange in the coming weeks. It will carry an ongoing charge figure (OCF) of 0.75%.
Fidelity International launched FBTC for its European institutional and professional investors seeking an easy investment avenue for Bitcoin following a Fidelity Digital Assets survey from last year found that seven in ten institutional investors plan to invest in cryptocurrency in the near future.
“Providing institutional and professional investors access to this innovative asset class at a competitive price point is our priority,” Christian Staub, managing director for Europe at Fidelity International, said in a statement. “FBTC offers clients an institutional quality solution to enter the market in a familiar, simple and secure way.”
FBTC will be “physically-backed” by bitcoin held in custody with Fidelity Digital Assets, while Eurex Clearing will provide clearing services and Brown Brothers Harriman will act as the administrator and transfer agent.
Fidelity International was originally established in 1969 as the international investment subsidiary of Fidelity Investments, the Boston-based financial services giant with trillions in assets under management (AUM), but spun out as an independent firm in 1980.
London-based Fidelity International manages over $800 billion in assets from over 2.52 million clients across Asia Pacific, Europe, the Middle East, South America, and Canada, per the release.