A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken March 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
Feb 18 (Reuters) – Fidelity International has launched its first investment product that tracks bitcoin in Europe, as the British investment manager taps into rising demand for exposure to digital currencies.
The Fidelity Physical Bitcoin ETP , available to the asset manager's professional and institutional clients in Europe, began trading on the Deutsche Börse Xetra on Tuesday.
The physical bitcoin exchange-traded product (ETP) will also debut on the SIX Swiss Exchange in the coming weeks, Fidelity said.
Nick King, head of ETFs at the company, said the ETP launch "is the first step in our digital assets product capability".
The decision to list an ETF comes after a Fidelity Digital Assets survey indicated that 70% of institutional investors expect to buy or invest in digital assets in the future.
More than 90% of those interested in digital assets expect to have an allocation in their institution's or clients' portfolios within the next five years, the survey showed.
In the United States, a spot bitcoin ETF is yet to be approved, and several asset managers have seen their proposals rejected. A proposal to list Fidelity's Wise Origin Bitcoin Trust was vetoed last month.
The price of bitcoin, the world's largest cryptocurrency, is trading at $40,429 after losing nearly half its value in January from its all-time peak of $69,000.
Our Standards: The Thomson Reuters Trust Principles.
Sign up to our tech newsletter to get the latest news and trends in the global technology industry.
Subscribe to our newsletter to get all the news you need to start your day.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved
