Fidelity Launches Bitcoin ETP on London Stock Exchange

Fidelity International has made headlines by launching its Physical Bitcoin Exchange Traded Product (ETP) on the London Stock Exchange.

This move has attracted significant attention from institutional investors and sparked renewed interest in cryptocurrency investments.

The launch of this Bitcoin ETP comes in the wake of the Financial Conduct Authority’s (FCA) recent approval of crypto-backed ETNs for professional investors.

This regulatory shift has enabled firms like Fidelity, along with WisdomTree and Global X, to bring innovative digital asset offerings to the UK.

Fidelity’s new ETP is designed to reflect Bitcoin’s price and is fully backed by the cryptocurrency itself. It stands out with a notably low ongoing charges figure of 0.35%, down from the previous 0.75%.

Stefan Kuhn, Fidelity’s Head of ETF & Index Distribution in Europe, pointed to growing global enthusiasm for cryptocurrencies, influenced by this year’s approvals of Bitcoin ETFs in the US.