FxWirePro: Fidelity Investments Launch Access to Bitcoin ETNs Amid SEC’s Deferral of BTC ETF Approval

Amid the crypto-market downturn which began after the news of the US Securities and Exchange Commission’s (SEC) delayed decision on an ETF product approval, globally reputed firm, Fidelity Investments, which has some $2.4 trillion assets under management, started rendering clients with the ability to buy Bitcoin Exchange Traded Notes (ETN) offered by XBT Provider on Sweden’s Nasdaq.

The ETN is to be considered as a security, so that could have implications for institutional investors such as pension funds which are limited to around only 10% of their investments being in non-securities or other assets, according to XBT.

OTC FX markets, which offers some 10,000 securities through a network of broker dealers, like Fidelity, has now begun listing the ETN in dollars under the ticker of CXBTF.

That means Americans with an investment account can now have a fairly direct exposure to bitcoin as although ETNs are usually debt instruments, in this case the bitcoin tracker appears to operate no different than an ETF.

“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona,”Ryan Radloff, CEO of XBT’s parent company, CoinShares Holdings Ltd., said.

Currency Strength Index: FxWirePro's hourly BTC spot index is displaying shy above 165 levels (bullish), while hourly USD spot index was at 19 (neutral) while articulating (at 10:08 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex