Fidelity International has launched an exchange traded product that offers exposure to Bitcoin to selected professional investors in Hong Kong.
The ETP is physically backed by Bitcoin and is the first of its kind to be made available in Hong Kong, Fidelity said.
“As we continue to see growing interest in digital assets across Asia Pacific, we are pleased to provide select investors access to this innovative asset class,” said Rajeev Mittal, managing director for Asia Pacific ex-Japan at Fidelity.
“Through our collaboration with Fidelity Digital Assets, our clients can feel confident knowing their assets are safe and secure in a full-service institutional custody platform. This is just the first step, we have plans to bring additional digital asset solutions to clients in the future.”
Despite a painful market sell-off in digital assets, Fidelity has been doubling down on the asset class. Last week, Bloomberg reported that Fidelity was planning on increasing its headcount at its digital assets unit by 25% to 500 by the end of the first quarter of next year.
After starting with Bitcoin, Fidelity also announced last week that it would be expanding its trading and custodian services that it provides to institutional investors to include Ethereum.
Fidelity’s doubling down comes as interest in digital assets continues to pique despite the downturn. A KPMG survey recently found that 92% of high net worth and family office investors in Hong Kong and Singapore were already invested in digital assets or planned to start investing.
