Fidelity International Introduces ETP on Deutsche Boerse Exchanges
Fidelity International has recently announced the launch of a Bitcoin exchange traded product (ETP) to be listed on the SIX Swiss Exchange and Germany’s Xetra digital stock exchange.
ETPs are similar to stocks but carry a much smaller financial price point than other options such as mutual funds. The Fidelity ETP is currently available under the ticker “FBTC” (Fidelity Advantage Bitcoin) and is able to be traded during market hours.
Since its launch, FBTC has been trading for €3.83 or $4.36 while Bitcoin stands at $41,899 as of this publication. Bitcoin-based financial products have been a challenge to list as they require numerous approvals and must follow specific governmental regulations.
About Fidelity
Fidelity is a world-known company that was initiated in 1969. It currently services over 40 million people, 22,000 businesses, and 13,500 financial institutions. At the beginning of 2022, it held over $812 million in assets, and has a history of investing in cryptocurrency firms such as the Hong Kong BC group.
Although this ETP is Germany-based, Fidelity is working to secure approval from the SEC in hopes to offer products within the United States. So far, an application for their Wise Origin Bitcoin Trust Spot was rejected in January due to concerns related to security and not protecting “investors and the public interest.”