It's been a bumpy ride for Bitcoin (BTC) investors. While waiting on the United States Securities and Exchange Commission (SEC) to make their decision about whether or not they will approve a spot Bitcoin exchange-traded fund (ETF), Canada-based investment firm Fidelity is reportedly launching a spot ETF in the country, subject to regulatory approval.
According to a tweet shared by Bloomberg senior ETF analyst Erick Balchunas, the fund "Fidelity Advantage Bitcoin ETF" is currently pending listing on a Canadian exchange. Balchunas also pointed out that if the new fund succeeds, it would become the largest asset management firm that offers Bitcoin services.
Fidelity's decision to offer a spot ETF in Canada only adds fuel to fire, as one of the world's largest asset managers with almost $4 trillion in assets is compelled to develop a service in Canada to satisfy customer demands.
Meanwhile, the SEC is still deliberating whether or not to approve a spot Bitcoin ETF, which according to many market experts will be a hit in the market.
Grayscale Investments has criticized the SEC's recent refusal of VanEck's spot Bitcoin ETF application, as reported by Cointelegraph. The operator of the Grayscale Bitcoin Trust (GBTC) claims in a letter to Secretary of the SEC Vanessa Countryman that the SEC was wrong to reject spot Bitcoin ETFs since it has now permitted three such products based on Bitcoin futures.
Canada is no stranger to Bitcoin ETFs. The introduction of the FBTC might pave the way for additional spot ETFs in the Canadian market. This would be a significant victory for investors since it would allow them exposure to Bitcoin without having to go to the trouble of purchasing and storing it themselves.