Fidelity Investments is launching a Spot Bitcoin ETF in Canada, as the U.S. based firm is not waiting around for the Securities Exchange Commission to approve a decision in the United States.

Fidelity's ETF is called the Fidelity Advantage Bitcoin ETF (FBTC), and it will directly obtain physical Bitcoin (BTC-USD). Meaning the fund will buy actual Bitcoin rather than acquire it through a derivative instrument.

Fidelity's move just adds more fuel to the fire as one of America's largest asset managers with over $4T AUM is forced to create a product in Canada to meet their client's demands. At the same time, regulators in its own country still weigh their options on whether or not to approve a Spot Bitcoin ETF.

The new fund will also be actively managed.

Bitcoin price action: -1.4% on Tuesday and +98.1% year-to-date.

Canada is not the only country that has approved a Spot Bitcoin exchange traded fund. Recently Singapore joined the list as it now offers investors exposure to a Spot Bitcoin ETF.

Fidelity Investments is launching a Spot Bitcoin ETF in Canada, as the U.S. based firm is not waiting around for the Securities Exchange Commission to approve a decision in the United States.

Fidelity's ETF is called the Fidelity Advantage Bitcoin ETF (FBTC), and it will directly obtain physical Bitcoin (BTC-USD). Meaning the fund will buy actual Bitcoin rather than acquire it through a derivative instrument.

Fidelity's move just adds more fuel to the fire as one of America's largest asset managers with over $4T AUM is forced to create a product in Canada to meet their client's demands. At the same time, regulators in its own country still weigh their options on whether or not to approve a Spot Bitcoin ETF.

The new fund will also be actively managed.

Bitcoin price action: -1.4% on Tuesday and +98.1% year-to-date.

Canada is not the only country that has approved a Spot Bitcoin exchange traded fund. Recently Singapore joined the list as it now offers investors exposure to a Spot Bitcoin ETF.