Bitcoin ETP lists on London Stock Exchange

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

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

‘Positive development’

Stefan Kuhn, Head of European ETF and Index Distribution at Fidelity International, said the FCA’s move to allow access to crypto-backed ETNs was a “positive development.”

According to Kuhn, the decision reflects the growing demand for exposure to digital assets. Making them available to professional investors through safe and regulated exchanges is an important step towards greater adoption, the Fidelity International executive added.

Fidelity’s bitcoin ETP in Europe

While Fidelity’s Bitcoin-backed product will be available to professional investors on the LSE on July 31, 2024, it will not be the first time an ETP has been launched in Europe.

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

Fidelity lowered its ongoing expense figure, an annual fee added to the management of the ETP, to 0.35% from 0.75% in February 2024.