Fidelity has launched its Bitcoin exchange-traded product (ETP) in London, charging 0.35% in ongoing fees. The product, approved by the U.K.’s financial regulator in March, is limited to accredited investors.
Despite competition from other Bitcoin ETPs by WisdomTree and 21Shares, and being overshadowed by BlackRock’s IBIT, Fidelity’s ETP was successful.Fidelity, an early crypto adopter under CEO Abigail Johnson, began mining Bitcoin in 2014 and entered crypto custody in 2018.
The company also launched a U.S. spot Bitcoin ETF and an Ether-based ETF this year. Fidelity plans to introduce more crypto ETFs, though the timeline is unclear. The Fidelity Physical Bitcoin ETP, launched in February 2022 and fully backed by Bitcoin, tracks the cryptocurrency’s price.
It was initially listed on the Deutsche Börse Xetra and SIX Swiss Exchange, offering a cost-effective way for investors to gain Bitcoin exposure, with Fidelity Digital Assets? as the custodian.
In February 2024, Fidelity reduced the ETP’s ongoing charges from 0.75% to 0.35%, making it more competitively priced for professional investors.
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