Fidelity Advantage Bitcoin ETF (TSX: FBTC) is a Canadian Bitcoin exchange-traded fund managed by Fidelity Investments Canada, a subsidiary of Fidelity Investments, one of the world's largest financial services firms. The fund launched on November 30, 2021 on the Toronto Stock Exchange, entering the Canadian market alongside competing Bitcoin ETFs from Purpose Investments, CI Global Asset Management, and others. FBTC charges a management fee of 0.40%.

What distinguishes the Fidelity Advantage Bitcoin ETF is its custody arrangement. Like its US counterpart, the Canadian fund benefits from Fidelity's vertically integrated digital asset infrastructure. Fidelity Digital Assets, established in 2018, provides institutional-grade cryptocurrency custody and trading services. This in-house custody capability means the fund's Bitcoin is held by a Fidelity subsidiary rather than a third-party custodian, reducing counterparty risk and giving Fidelity end-to-end control over the fund's operations.

Fidelity's early entry into the Canadian Bitcoin ETF market reflected the firm's longstanding engagement with digital assets, which dates back to 2014 when CEO Abigail Johnson began exploring blockchain technology. The Canadian fund serves as a complement to Fidelity's US spot Bitcoin ETF (FBTC on CBOE), which launched in January 2024. Canadian investors who held the Advantage Bitcoin ETF had access to regulated, Fidelity-custodied Bitcoin exposure over two years before their US counterparts gained access to a similar product.

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