Fidelity International, one of the biggest financial services companies plans to list a Bitcoin ETP (exchange traded product) on the German Stock Exchange Xetra. This announcement was made on February 15th by the Deutsche Boerse (German SE). Fidelity also said that it would list the same ETP on six Swiss Exchanges.
The Bitcoin ETP is listed for trading on the Xetra as well as the Frankfurt Stock Exchange with the symbol, FBTC. Fidelity Digital Assets is the custodian for this BTC ETP which is physically backed, Clearing will take place via Eurex Clearing, a global exchange outfit. The transaction fee is 0.75%.
At the time this news was announced, FBTC’s trading prices was ca.€3.83 or $4.36 on the Xetra and FSE. Bitcoin’s current price is $43,590 again, since its brief rise about $45,000 last Thursday, February 10th.
The Xetra digital stock exchange offers investors the following options in crypto – BTC, ETH, Bitcoin Cash, Cardano, Litecoin and Solana to name a few. In November 2021, asset manager Invesco (investment company) also said that it had a listing of a BTC ETP on Xetra with BTIC as its symbol.
Fidelity International was set up as a subsidiary of Fidelity Investments in 1969. Fidelity is a US firm and has a massive $812 billion in assets. This figure was as of December 31st, 2021. While Fidelity International is able to list an ETP in Europe and offer crypto exposure to investors, its parent company has applications with the SEC. These applications are still under consideration and no idea when and if they will be approved.