Fidelity Canada officially launches Bitcoin ETF and Bitcoin Mutual Fund

Fidelity Canada officially launches Bitcoin ETF and Bitcoin Mutual Fund
© Reuters

On Thursday, Fidelity Canada officially launched the Fidelity Advantage Bitcoin exchange-traded fund (ETF) and the Fidelity Advantage Bitcoin ETF Fund (mutual fund), marking the first such assets to be made available in the country and confirming earlier reports on the matter. The funds have the tickers FBTC and FBTC.U, denominated in Canadian and United States dollars, and are listed on the Toronto Stock Exchange. Fidelity\’s Bitcoin ETFs seek to track the performance of Bitcoin\’s (BTC) spot price. Fidelity currently manages CA$208 billion ($162.27 billion) in assets in the country.

The ETFs will have an annual management fee of 0.4%. Operating expenses and trading costs are not yet available as the assets are still new. Over 98% of Bitcoin purchased by the funds is stored in cold wallets.

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