Fidelity has launched publicly traded bitcoin products on six Swiss exchanges, the Frankfurt Stock Exchange and German digital exchange Xetra.
As Fidel’s Exchange In more than 20 years of Fidelity Exchange operations (40 independent exchange investments), six independent companies have launched Bitcoin (Crypto: Btc) exchange-traded products on the exchange and the German exchange ((
According to a report by ETF Stream, Fidelity has launched its Fidelity Physical Bitcoin (FBTC) ETP on Deutsche Börse and Frankfurt Stock Exchange, with a rollout on six Swiss exchanges in the coming weeks.
ETF Stream describes the product as the cheapest Bitcoin ETP with an overall expense ratio of 0.75%. It will be centrally cleared through the global exchange Eurex Clearing, with Fidelity International acting as the custodian of the physical bitcoin. At the last revision, Fidelity’s physical bitcoins were trading at around 3.8356 euros, which currently equates to around $4.37.
The news comes after Fidelity’s application for the Wise Origin Bitcoin Trust ETF was rejected by the SEC in late January. Fidelity has been one of many investment firms trying to launch a physically-backed bitcoin exchange-traded fund (ETF) in the U.S., but like all others, it has so far been unsuccessful.