Bitcoin ETP lists on London Stock Exchange

Fidelity International has listed its physical Bitcoin exchange-traded product on the London Stock Exchange, providing professional investors with access to the world’s largest digital asset by market cap.

Trading under the ticker FBTC, the ETP is fully backed by Bitcoin (BTC), and tracks its price its price. The launch on the LSE follows approval by the United Kingdom’s Financial Conduct Authority in late May. This approval allows issuers to list crypto-backed exchange-traded notes for professional investors. Other firms like 21Shares, WisdomTree, and Global X have also announced similar products in the country.

‘Positive development’

Stefan Kuhn, Fidelity International’s head of ETF and Index distribution for Europe, commented that FCA’s move to allow access to crypto-backed ETNs “is a positive development.”

According to Kuhn, the decision reflects the growing demand for digital assets exposure. The offering of these to professional investors via secure and regulated exchanges is a key step towards further adoption, the Fidelity International exec added.

Fidelity’s bitcoin ETP already in Europe

While Fidelity’s bitcoin-backed product goes live on the LSE for professional investors on July 31, 2024, it’s not the first time the ETP is hitting the market in Europe.

As crypto.news highlighted, Fidelity first launched its bitcoin ETP in Europe in February 2022, listing it on the Deutsche Börse Xetra. The firm followed this initial listing with an expansion  to the SIX Swiss Exchange.

Fidelity reduced the ongoing charges figure, an annual fee attached to the ETP’s management, from 0.75% to 0.35% in February 2024.