Fidelity International has introduced its physical Bitcoin exchange-traded product (ETP) on the London Stock Exchange (LSE), offering professional investors access to Bitcoin, the largest digital asset by market cap.

Trading under the ticker FBTC, this ETP is fully backed by Bitcoin and tracks its price. The launch on the LSE follows the United Kingdom’s Financial Conduct Authority (FCA) approval in late May. This approval allows issuers to list crypto-backed exchange-traded notes (ETNs) for professional investors. Other firms, such as 21Shares, WisdomTree, and Global X, have also announced similar products in the UK.

“The FCA’s move to allow access to crypto-backed ETNs is a positive development,” said Stefan Kuhn, Fidelity International’s head of ETF and Index distribution for Europe.

According to Kuhn, this decision reflects the growing demand for digital asset exposure. Offering these to professional investors via secure and regulated exchanges is a significant step towards broader adoption.

Fidelity’s Bitcoin ETP is not new to the European market. It was first launched in February 2022 on the Deutsche Börse Xetra and later expanded to the SIX Swiss Exchange. In February 2024, Fidelity reduced the ongoing charges figure, an annual fee attached to the ETP’s management, from 0.75% to 0.35%.

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