Fidelity Offers $5 Million Ethereum Index Fund
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Answer Fidelity Offers $5 Million Ethereum Index Fund
Fidelity Investments has doubled down on its efforts in the cryptocurrency space after announcing the offering of an Ethereum Index Fund to clients.
The new Ethereum fund has raised around $5 million since sales began at the end of September, while outside investors have been able to participate with an investment of at least $50,000.
Fidelity and its next step toward crypto:
Fidelity, which has more than $4.5 trillion in assets under management, has been approved by the US Securities and Exchange Commission to register its Ethereum Index Fund.
According to depositThe first sale took place on September 26, and since then the fund has raised nearly $5 million.
Fidelity has stated its intentions in the fund’s offer for more than a year and has confirmed that it will not be the subject of a future business combination transaction, including a merger, acquisition or exchange offer.
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When talking about an index fund, it should be noted that it is quite different from an Exchange Traded Fund (ETF) in that it only trades once per day (once the markets are closed).
Fidelity started its crypto journey in 2014 when it started mining Bitcoin.
Four years later, Fidelity launched Digital Assets, an investment platform and solution that helps individuals access cryptocurrency products and services.
In April of this year, the company made headlines by enabling investors to add bitcoin to their 401(k) retirement accounts.
Speaking about the latest initiative, Dave Gray, Head of Product at Fidelity, said:
Fidelity believes that blockchain technology and digital assets will be a much larger part of the future of the financial industry.
The company also revealed that its first customer for the new offering was MicroStrategy.
Some reports in mid-September indicated that Fidelity might bring a bitcoin trading service to retail investors on its brokerage platform.
Read:The oldest bank in America now offers Bitcoin and Ethereum safekeeping
If this is achieved, the offer will give more than 34 million users access to the underlying cryptocurrency.
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