Fidelity, UBS and State Street weigh launching crypto products

Fidelity, UBS and State Street are studying cryptocurrency funds and weighing the launch of products aimed at investing in digital assets. This was disclosed by the companies’ top executives to Financial Times.

Matteo Andretta, head of SPDR ETFs for Europe, the Middle East and Africa at State Street Global Advisors (SSGA), said the structure “is looking at this space and assessing how it is evolving.”

“Clients are asking not only about cryptocurrencies, but specifically about SPDR crypto products. They like that we are reliable and safe operators,” he added.

According to Andretta, SSGA will not launch such a product until it is convinced that it can reach “a very high standard,” placing it alongside other ETF and “acquiring all the SPDR characteristics.”

Fidelity said that it is “closely monitoring the development of cryptocurrencies as part of broader efforts to study the potential of digital assets and the blockchain technology behind them.”

“As expected, Fidelity International is exploring the potential of this technology in the interests of clients,” said a representative of the organisation.

The head of the ETF division at UBS Asset Management, Clemens Reiter, called cryptocurrencies “an area that everyone needs to pay attention to right now.” He added that his firm has not made a final decision on launching relevant products.

Reiter also noted that investing in cryptocurrencies is not yet permitted for funds issued under the Undertakings for Collective Investment in Transferable Securities (UCITS).

As previously noted on October 15, SEC ‘quietly’ approved ProShares’ bitcoin-futures ETF application. The fund launched on October 19 showed the second-most active debut.

In the same month, the regulator approved bitcoin futures ETFs from VanEck and Valkyrie Investments.