Fidelity confirmed it is launching a Bitcoin fund with a minimum investment of $100,000. Fidelity said in a report to the Securities and Exchange Commission that this new fund will be made available shortly. And also, the management goes for the Fidelity Consulting’s director, Peter Jubber.
In other words, it is a Wise Root Bitcoin Index Fund I, LP and will be a Cryptocurrency-only actively managed fund. This fund was put under a new organization under Fidelity Digital Funds. It is hinting at further growth of investment funds related to cryptography.
The Bitcoin fund will be under the custody of Fidelity Digital Assets. And then, it is only be available to qualified investors through family offices, registered investment advisers, and other institutions.
Bloomberg reported an email from Fidelity saying “Fidelity has made a long-term commitment to the future of blockchain technology. And also, to making digitally-native assets, for instance Bitcoin, more accessible to investors.”
In a 2017 speech at the Consensus Conference, she said: “The internet wasn’t just a more efficient way to send letters. Then, it spawned new industries. Blockchain technology isn’t just a more efficient way to settle securities. In addition, it will fundamentally change market structures and maybe even the architecture of the internet itself.”
With banks typically avoiding the crypto space due to the lack of regulatory clarity, Fidelity making this move is hopeful news to Bitcoin and blockchain advocates.
Many mainstream wall street companies have only slightly dabbled in the crypto space. JP Morgan (JPM) created its own U.S. dollar stablecoin, Goldman Sachs (GS) recently appointed a new head of digital assets, and many others have created custodial services for crypto.
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