Fidelity International has created its first bitcoin-tracking investment product in Europe, capitalising on the growing demand for exposure to digital currencies.
On Tuesday, the Fidelity Physical Bitcoin ETP, which is available to the asset manager's European professional and institutional clients, started trading on the Deutsche Börse Xetra.
In the next weeks, Fidelity will launch a physical bitcoin exchange-traded product (ETP) on the SIX Swiss Exchange.
The ETP launch, according to Nick King, the company's head of exchange-traded funds (ETFs), is "the first step in our digital assets product capability."
After a Fidelity Digital Assets survey revealed that 70% of institutional investors anticipate buying or investing in digital assets in the future, the decision to establish an ETF was made.
According to the survey, more than 90% of individuals interested in digital assets believe they will have an allocation in their institution's or clients' portfolios within the next five years.
A spot bitcoin ETF has yet to be approved in the United States, and several asset managers have had their bids rejected. Last month, a request to float Fidelity's Wise Origin Bitcoin Trust was rejected.
Bitcoin, the world's most valuable cryptocurrency, is currently selling at $40,429, down nearly half from its all-time high of $69,000 in January.