Bitcoin ETP Listed on London Stock Exchange
Fidelity International has launched its physical Bitcoin exchange-traded product, tickered as FBTC, on the London Stock Exchange. This ETP is backed by Bitcoin and tracks its price. The approval by the UK’s Financial Conduct Authority allows professional investors to access crypto-backed exchange-traded notes.
Positive Development in the Crypto Industry
Fidelity International’s head of ETF and Index distribution for Europe, Stefan Kuhn, views the FCA’s decision as a positive step towards meeting the growing demand for digital assets exposure. Offering crypto-backed ETNs to professional investors via regulated exchanges is essential for further adoption in the industry.
Fidelity’s Bitcoin ETP Expansion in Europe
Although Fidelity’s bitcoin-backed product debuts on the LSE in July 2024, it has previously been listed in Europe on Deutsche Börse Xetra and the SIX Swiss Exchange. The company also reduced the ongoing management fee of the ETP from 0.75% to 0.35% in February 2024.
