The Canadian branch of the investment giant Fidelity has announced their Bitcoin incorporation in their All-in-One ETF products in an official press release. The company has decided to support crypto to diversify its offer for clients.
In particular, the company is allocating a portion of Bitcoin into its All-in-One Growth ETF and All-in-One Balance ETF funds, while also changing its risk label from “low-to-medium” to “medium” to account for Bitcoin’s volatile nature.
An increasingly wide range of investors seeking access to Bitcoin has underscored the market need for a more diversified set of products offering exposure to digital assets to match demand, says Nicole Abbott, Fidelity spokeswoman.
The news is especially positive after attempts to further adopt Bitcoin ETFs have failed in the US because of stricter regulation.
Even though Fidelity has been known for its crypto support in the past, the official step towards greater adoption is yet another signal for the market that cryptocurrencies and their endorsement are moving in the right direction.