Major investment firm Fidelity will allow customers at its Canadian branch to enjoy some access to Bitcoin through two of its ETFs. According to an official announcement, the ETFs are the All-in-One Growth ETF and the All-in-One Balanced ETF.
The announcement also said that Fidelity Canada decided to provide this access to allow clients more diversification and to improve risk-adjusted returns. Fidelity also said that the risk ratings of both ETFs featuring Bitcoin exposure would change from “low-to-medium” to “medium”. The new rating will take effect “on or about January 21, 2022.”
This announcement puts Fidelity in the middle of the growing cryptocurrency sector, enjoying smooth cohesion with traditional offerings. Last year, in a statement to Bloomberg, Fidelity spokeswoman Nicole Abbott said that the market was already seeing a growing number of investors interested in varying levels of Bitcoin exposure:
“An increasingly wide range of investors seeking access to Bitcoin has underscored the market need for a more diversified set of products offering exposure to digital assets to match demand.”
Before now, Fidelity has been largely unlucky with launching similar offerings in the US. With stricter laws and regulatory hurdles, the US has not received these offerings with open arms. Fidelity had tried to launch an ETF to track Bitcoin’s performance measured by the Fidelity Bitcoin Index.
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