Fidelity International has launched the Fidelity Physical Bitcoin Exchange-Traded Product (ETP) on the London Stock Exchange for professional investors as of July 31, 2024.

This launch follows the UK Financial Conduct Authority's (FCA) approval of crypto-based exchange-traded notes (cETNs) for professional investors earlier in 2024.

The launch reflects the increasing demand for crypto investment products, following the success of US-based spot Bitcoin ETFs introduced in January 2024.

The ongoing charges figure (OCF) for the Fidelity ETP is set at 0.35%, making it competitive for professional investors.

The ETP, named Fidelity Physical Bitcoin (ticker: FBTC), has an Ongoing Charges Figure (OCF) of 0.35%.

The Fidelity ETP is fully backed by physical Bitcoin, which will be stored at Fidelity’s Digital Assets.

Fidelity Digital Assets serves as the digital asset custodian for the ETP.

Stefan Kuhn, Fidelity’s Head of ETF and Index Distribution in Europe, noted that the approval of US spot Bitcoin ETFs has spurred global interest in digital assets.

The FCA's decision has encouraged other firms like 21Shares, WisdomTree, and Global X to introduce similar products in the UK market.

Fidelity's ETP, which is fully backed by bitcoin, was initially launched in February 2022 on the Deutsche Börse Xetra and the SIX Swiss Exchange.

On the same day, Grayscale also launched the Grayscale Bitcoin Mini Trust (BTC) on NYSE Arca, featuring an ultra-low fee of 0.15%.