Fidelity reportedly launching spot Bitcoin ( $70,866.00 ) ETF in Canada

It’s been a bumpy ride for Bitcoin ( $70,866.00 ) (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 ( $70,866.00 ) exchange-traded fund (ETF), U.S-based investment firm Fidelity Investments is reportedly launching a spot ETF in Canada subject to regulatory approval. 

According to a tweet shared by Bloomberg senior ETF analyst Erick Balchunas, the fund “Fidelity Advantage Bitcoin ( $70,866.00 ) 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 ( $70,866.00 ) services.

SEMI-SHOCK: Fidelity launching a spot Bitcoin ( $70,866.00 ) ETF in Canada this week. Didn’t know about this. Will easily be the biggest asset manager to date with a Bitcoin ( $70,866.00 ) ETF. pic.twitter.com/H2XJRBY3O6

— Eric Balchunas (@EricBalchunas) November 30, 2021

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.

Fidelity did not immediately respond to Cointelegraph’s request for comment. 

Related: Biggest Bitcoin ( $70,866.00 ) fund in the world could become ETF by July as GBTC nears $40B AUM

Meanwhile, the SEC is still deliberating whether or not to approve a spot Bitcoin ( $70,866.00 ) ETF, which according to many market experts will be a hit in the market. 

Grayscale Investments has criticized the U.S. SEC’s recent refusal of VanEck’s spot Bitcoin ( $70,866.00 ) ETF application, as reported by Cointelegraph. The operator of the Grayscale Bitcoin ( $70,866.00 ) Trust (GBTC) claims in a letter to Secretary of the SEC Vanessa Countryman that the SEC is wrong to reject spot Bitcoin ( $70,866.00 ) ETFs since it has now permitted three such products based on Bitcoin ( $70,866.00 ) futures.

Related: VanEck’s Bitcoin ( $70,866.00 ) spot ETF shunt solidifies SEC’s outlook on crypto

Canada is no stranger to Bitcoin ( $70,866.00 ) 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 ( $70,866.00 ) without having to go to the trouble of purchasing and storing it themselves.