Fidelity Launches Inaugural Bitcoin Fund for Wealthy Investors

#Lifestyle Wealth


(Bloomberg) -- Fidelity Investments is launching its first Bitcoin fund, adding its establishment name and star power to the fledgling and often controversial asset class.

The Boston-based money manager said in a filing to the Securities and Exchange Commission that it will begin to offer the Wise Origin Bitcoin Index Fund I through a new business unit called Fidelity Digital Funds. Peter Jubber, head of Fidelity Consulting, will run the new business unit, the filing shows.

The passively-managed, Bitcoin-only fund will be made available to qualified purchasers through family offices, registered investment advisers and other institutions, according to a person familiar with the matter. Fidelity Digital Assets will custody the fund, the person said. The minimum investment is $100,000.

A spokeswoman for Fidelity declined to comment on the filing.

“Fidelity has made a long-term commitment to the future of blockchain technology and to making digitally-native assets, such as Bitcoin, more accessible to investors,” the company said in an email.

Fidelity Chief Executive Officer Abigail Johnson is among the highest-profile Wall Street proponents of the blockchain technology that backs Bitcoin and the firm has dabbled in the space since 2014. Two years ago, it started Fidelity Digital Assets, a unit meant to manage these products for hedge funds, family offices and trading firms.

Fidelity’s latest foray into the world of crypto is welcome news for fans who have long sought greater acceptance of digital currencies and blockchain by Wall Street mainstays. Banks have largely avoided the sector because of concern about its use in money laundering and other illicit activities.

Few other mainstream firms have ventured into the crypto-sphere though there are signs interest in crypto products could be increasing. Cryptocurrency trusts by Grayscale Investments LLC, for instance, attracted more than $900 million in the second quarter, nearly double the previous quarterly high. The money came mostly from institutional investors and brought its total assets under management to over $4 billion.

PropellerAds

Read more: Demand Surges for Biggest Crypto Fund Amid Arbitrage Play

Fidelity’s move comes at a time when the price of Bitcoin, the world’s largest cryptocurrency, has recouped much of its losses since crashing in March in the midst of a coronavirus-induced selloff. Bitcoin is up roughly 60% this year to trade around $11,500 -- though it’s still about 40% off its all-time high reached in 2017.

https://www.wealthmanagement.com/alternative-investments/fidelity-launches-inaugural-bitcoin-fund-wealthy-investors

To Find More Information, Go To Saubio Digital And Look Up Any Topic

Please follow and like us: Share This Post




Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.

So browse through a category and make your  preferred selection and come back here to read  more choice articles and get a few more helpful tips on ways to help your enhancement.



Detoxing Reviews

Best Body Detoxification Guides & reviews





Colon Cleanse Reviews

Best Colon Cleanse Guides & Reviews





Weight Loss Ebook Reviews

Weight loss products really work! Click here





Dating and Romance Ebook Reviews

Looking for Dating Guides? Click here





Free Traffic System - Increase Targeted Website Traffic with Free Unlimited One Way Links

As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”

Leave a Reply

Your email address will not be published. Required fields are marked *


Saubio's Guide & Tools

As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”