Fidelity International has marked a significant milestone by introducing the Fidelity Physical Bitcoin Exchange Traded Product (ETP) on the London Stock Exchange. This new offering aims to mirror the price of Bitcoin, providing a physical backing and charging only a 0.35% ongoing fee. It joins a growing list of digital asset ETPs in the UK, following regulatory approval for crypto asset-backed products for professional investors.

The Financial Conduct Authority’s recent nod to Exchange Traded Notes (ETNs) dedicated to crypto assets has sparked increased activity. Following the U.S. approval of the first spot bitcoin ETFs, there’s a global surge in interest among investors for cryptocurrencies through regulated avenues. Fidelity’s ETP, also available on Deutsche Börse Xetra and the SIX Swiss Exchange since February 2022, underscores a secure and regulated approach to crypto investments.

Stefan Kuhn, Fidelity’s head of ETF & index distribution in Europe, celebrates this development as a pivotal step towards broadening cryptocurrency acceptance and access. He highlights the ETP as an institutional-quality route for professional investors, aiming to streamline and secure entry into the crypto market.