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Fidelity Unveils Institutional-Grade Bitcoin Fund

Riding the Bitcoin Bull

Amid the overall bullish momentum of the cryptocurrency market, Boston-based asset manager Fidelity Investments has filed for a Bitcoin fund with the US Securities and Exchange Commission (SEC).

In a filing with the SEC, Fidelity stated that it will begin to offer the Wise Origin Bitcoin Index Fund I through its digital asset-focused offshoot called Fidelity Digital Funds. According to the filing, Peter Jubber, head of Fidelity Consulting, will run the new business unit.

Per sources close to the matter, the Bitcoin-only fund will be made available to qualified investors via family offices, registered investment advisers, and other institutions. A source close to the matter told Bloomberg that Fidelity Digital Assets will custody the fund. The minimum investment is reportedly set at $100,000.

Further, in an email, the company noted:

“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.”

Of note, Fidelity is one of the major financial institutions that have exuded confidence in the new asset class of crypto-assets. The firm launched Fidelity Digital Assets in 2018 to satiate the institutional appetite for digital assets such as Bitcoin (BTC).

Similarly, in December last year, Fidelity Digital Assets announced it was expanding its business in Europe through the U.K.

Now, having officially filed for a Bitcoin fund with the U.S. financial regulator, Fidelity has taken another step toward legitimizing the crypto asset class, prompting other institutional money managers to foray into the space.

Bitcoin Funds Becoming Commonplace

Over the years, financial regulators have seemingly adopted a softer approach toward cryptocurrencies which shows in the increasing number of Bitcoin funds being filed and approved the world over.

Canadian digital assets investment firm 3iQ has announced the listing of its Bitcoin Fund on the Toronto Stock Exchange following the completion of its initial public offering.

3iQ Bitcoin Fund Finally Completes IPO

According to a press release on Thursday (April 9, 2020), 3iQ merged with 3iQ Bitcoin Trust, with the Bitcoin Fund having an outstanding 1,491,800 Class A shares valued at approximately $14 million. The Class A units with the symbol QBTC.U. began trading on Canada’s largest stock exchange and targets different investors.

Earlier this year, As reported in April that Canadian digital assets investment firm 3iQ had announced the listing of its Bitcoin Fund on the Toronto Stock Exchange following the completion of its IPO.

On a recent note, leading alternative investment banking firm Wilshere Phoenix filed for a tradable Bitcoin fund with the SEC.

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Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin58,510 1.07 % 3.01 % 0.49 %
Ethereum2,087.5 0.62 % 4.39 % 5.94 %
--- --- --- ---
Tether1.000 0.14 % 0.21 % 0.12 %
Polkadot43.88 0.58 % 0.43 % 36.39 %
Cardano1.220 0.63 % 1.95 % 2.67 %
XRP1.030 1.63 % 8.43 % 80.34 %
Uniswap30.25 0.27 % 3.01 % 5.38 %
Litecoin227.05 0.95 % 3.13 % 11.99 %
Chainlink32.60 0.78 % 2.99 % 8.27 %