Fidelity International launches Bitcoin ETP on Deutsche Boerse

Fidelity International, a major financial services company, will list a Bitcoin-exchange-traded product on both the SIX Swiss Exchange (Germany) and Germany’s Xetra Digital Stock Exchange.

Deutsche Boerse announced Tuesday that a physical Bitcoin exchange-traded commodity (or ETP) from Fidelity International was now available for trading under the ticker FBTC on the Deutsche Boerse Xetra, and Frankfurt Stock Exchange. The company also stated that it would list the crypto investment vehicle on the SIX Swiss Exchange within the next few weeks.

Fidelity Digital Assets is the custodian of the Bitcoin (BTC), ETP that is physically-backed. It will be centrally cleared by Eurex Clearing, a global exchange. The ETP charges a total of 0.75%.

FBTC traded for approximately 3.83 euros (or $4.36) on the Xetra or Frankfurt Stock Exchange at the time of publication. Bitcoin’s current price is $43,590. It briefly rose to $45,000 on Thursday.

Fidelity Physical Bitcoin ETP price movement on Xetra: 2-day Source: Deutsche Boerse

The Xetra digital stock market currently provides exposure to cryptocurrencies such as Bitcoin Cash (BCH), Ether(ETH), Litecoin [LTC], Cardano (ADA), Solana/SOL), Stellar, Tezos XTZ (XTZ), Tron (TRX), and Stellar (XLM) via exchange-traded notes and products. Asset manager Invesco revealed that it had placed a BTC ETP under the ticker symbol BTIC on the exchange in November.

Fidelity International was founded in 1969 as a subsidiary to the U.S-based Fidelity Investments. As of December 31, 2021, Fidelity International had $812 billion in assets under its management. Fidelity International has invested previously in crypto-related companies around the world, including the Hong Kong-based BC Group.

Fidelity International has listed an ETP that is exposed to crypto in Europe. However, the Securities and Exchange Commission of the United States still considers applications from its parent company. In January, Fidelity’s Wise Origin Bitcoin Trust spot ETF was rejected by the regulator.