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Fidelity introduces Europe’s cheapest bitcoin ETP

With the launch of the joint-cheapest bitcoin exchange-traded product (ETP) in Europe, Fidelity International has joined the cryptocurrency space. With a total expense ratio (TER) of 0.75 percent, the Fidelity Physical Bitcoin ETP (FBTC) is listed on the Deutsche Boerse and Frankfurt Stock Exchange, making it the joint-cheapest on the European market alongside SEBA Bank’s Bitcoin Tracker Certificate USD (SBTCU).

In the next weeks, FBTC will be listed on the SIX Swiss Exchange. Eurex Clearing will centrally clear FBTC, which is physically backed, with Fidelity Digital Assets acting as custodian. Brown Brothers Harriman will serve as the product’s administrator and transfer agent.

Following a Fidelity Digital Assets survey, which revealed that 70% of institutional respondents anticipate to invest in digital assets in the future, Fidelity International announced the introduction of FBTC for institutional and professional clients. “The underlying Distributed Ledger Technology (DLT) has the potential to revolutionise the financial system over time and disrupt many aspects of the financial world with substantial ramifications for investors,” said Christian Staub, managing director for Europe at Fidelity International. “As this technology gets more widely acknowledged, our clients have a right to expect a more efficient manner to profit from it.” FBTC provides clients with a high-quality institutional option for entering the market in a familiar, simple, and secure manner.”

Fidelity is the most recent exchange-traded fund (ETF) maker to enter the rapidly growing digital asset industry. The Invesco Physical Bitcoin ETP (BTIC) was launched in November by the US investment firm Invesco, and it was listed on the Deutsche Boerse.