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White & Case advises Fidelity International on launch of Bitcoin ETP

Global law firm White & Case LLP has advised Fidelity International on the expansion of its product portfolio to include Fidelity Physical Bitcoin ETP.

White & Case advised the company on the structuring and implementation process, approval and notification by the German Federal Financial Supervisory Authority, and on regulatory, commercial, corporate and tax aspects.

It represents Fidelity International's entry into exchange-traded notes backed by cryptocurrencies. Fidelity Physical Bitcoin ETP is traded in euros and connects the crypto market with the traditional stock market, allowing trading with a secure and liquid product on regulated markets. The new product will initially be listed on the German stock exchange XETRA and is planned to list on the SIX Swiss Exchange in the coming weeks.

Fidelity Physical Bitcoin ETP is physically backed by Bitcoin, which is securely held at Fidelity Digital Assets as custodian.

Fidelity International offers investment solutions and services and retirement expertise to more than two and-a-half million customers globally and operates in 25 countries. With US$812.8 billion in total assets, its clients include central banks, sovereign wealth funds, large corporates, financial institutions, insurers, wealth managers and private individuals. Together with its Investment Solutions & Services business, Fidelity International invests US$610.5 billion on behalf of its clients.

The White & Case team which advised on the launch was led by partner Karsten Wöckener (Frankfurt) and included partners Tom Falkus (London) and Cristina Freudenberger (Frankfurt), local partners Julia Sitter and Heinrich Nemeczek (both Frankfurt), counsel Alexander Born (Frankfurt) and associates Claire-Marie Mallad and Daniel Sander (both Frankfurt).

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