Fidelity, a major investment firm, will offer some Bitcoin access to Canadian customers through two of its ETFs. According to an official announcement the ETFs include the All in-One Growth ETF as well as the All in-One Balanced ETF.
Fidelity Canada announced that it would provide access to this service to clients to increase diversification and improve risk-adjusted return. Fidelity stated that both ETFs with Bitcoin exposure will have their risk ratings change from “low to-medium” and “medium”. The new rating will be in effect “on or around January 21, 2022.”
Fidelity is now in the forefront of cryptocurrency’s growth, and this announcement brings them into a harmonious relationship with traditional offerings. Fidelity spokesperson Nicole Abbott stated that there was already a growing market for investors looking to get exposure to Bitcoin in a statement to Bloomberg last year.
“An increasing number of investors are looking to access Bitcoin has highlighted the need for a broader range of products to offer exposure to digital assets to meet demand.”
Fidelity was largely unsuccessful in launching similar offerings in the US. The US has not been open to these offerings due to stricter regulations and laws. Fidelity tried to launch an ETF in order to track Bitcoin’s performance as measured by the Fidelity Bitcoin Index.
