(Reuters) – Fidelity International has launched its first investment product that tracks bitcoin in Europe, as the British investment manager taps into rising demand for exposure to digital currencies.
The Fidelity Physical Bitcoin ETP, available to the asset manager’s professional and institutional clients in Europe, began trading on the Deutsche BÃ¶rse Xetra on Tuesday.
More than 90% of those interested in digital assets expect to have an allocation in their institution’s or clients’ portfolios within the next five years, the survey showed.
In the United States, a spot bitcoin ETF is yet to be approved, and several asset managers have seen their proposals rejected. A proposal to list Fidelity’s Wise Origin Bitcoin Trust was vetoed last month.
(Reporting by Medha Singh in Bengaluru; Editing by Devika Syamnath)