Fidelity International Enables Direct Investment in Bitcoin

Former subsidiary of US-based Fidelity Investments brings physical bitcoin product to Germany


Source: Fidelity International


key takeaways

  • Since 1980 the firm has operated independently of US-based Fidelity Investments, which still seeks to launch a spot bitcoin ETF
  • Fidelity International’s bitcoin ETP began trading in Germany on Tuesday and is expected to launch in Switzerland in the coming weeks

Another bitcoin exchange-traded product carrying the Fidelity name has launched — just not the one some US investors are waiting for.

Bermuda-based Fidelity International, which manages roughly $800 billion in client assets, is launching the Fidelity Physical Bitcoin ETP (FBTC) for its professional and institutional clients in Europe.

Once a subsidiary of US-based Fidelity Investments, Fidelity International has operated independently of the company since 1980.

The offering began trading on the Deutsche Börse Xetra in Germany Tuesday, according to the firm, and is expected to begin trading on the SIX Swiss Exchange in the coming weeks. FBTC will cost investors 75 basis points.

Distributed ledger technology has the potential to revolutionize the financial system and disrupt many parts of the financial world, with profound implications for investors, Fidelity International Managing Director Christian Staub said in a statement.

“We are initially providing investors access to the world’s largest cryptocurrency, bitcoin, but we constantly review our product range and will consider further products and services, subject to client demand,” a Fidelity International spokesperson told Blockworks in an email.

Fidelity Digital Assets, a company that Fidelity Investments launched in 2018, serves as custodian of the Fidelity Physical Bitcoin ETP.

A Fidelity Digital Assets survey published last year found that roughly 90% of institutional investors interested in digital assets expect to have an allocation to the space within the next five years.

Fidelity Investments’ Canadian subsidiary launched an ETF in December that invests directly in bitcoin.

Despite the slew of spot crypto ETP launches abroad in recent months, the Securities and Exchange Commission has not yet approved a spot crypto ETF in the US. The agency denied Fidelity Investments’ Wise Origin Bitcoin Trust last month.

“We reaffirm our belief in market readiness for a physical bitcoin exchange traded product and look forward to continued constructive dialogue with the SEC,” a spokesperson told Blockworks at the time.

As it awaits approval for its US spot bitcoin product, Fidelity Investments — with nearly $4.5 trillion of discretionary assets as of Dec. 31 — filed for a pair of ETFs that would invest in companies involved in the metaverse and the broader crypto industry.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg


The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.


Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral



Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM


The side events were the places to be at Consensus 2024, according to attendees


Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them


I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right


Also, the ETF hype train can count out at least one member