Investment giant Fidelity International announced that it has listed its physical Bitcoin-backed ETP (FBTC) on the London Stock Exchange on Wednesday.
Fidelity said the Bitcoin ETP is only accessible to professional investors.
ETP, which tracks Bitcoin's price movement, is 100% backed by Bitcoin.
The move comes after the UK's Financial Conduct Authority (FCA) approved the listing of Bitcoin-backed ETPs for professional investors in late May.
Fidelity International ETF Europe President Stefan Kuhn made the following statements:
“The FCA's decision to authorize crypto-asset-backed ETPs for professional investors is a positive development and reflects the growing acceptance and demand for digital assets offered through a secure and regulated exchange.
Fidelity Physical Bitcoin ETP offers professional investors in the UK an institutional quality solution to enter the market in a familiar, simple and secure way.”
Fidelity's Bitcoin-backed ETP was first launched in 2022. Fidelity Physical Bitcoin ETP, which is 100% physically backed by Bitcoin and tracks BTC price movements, was launched in February 2022 and was first listed on the German exchange Deutsche Börse Xetra and the SIX Swiss Exchange.
It was stated that Fidelity's launch of this ETP offers a convenient and cost-effective way for investors to gain exposure to Bitcoin.
*This is not investment advice.