Fidelity files for a new Bitcoin Fund

[Baofeng]

Fidelity President Files For New Bitcoin Fund

Fidelity president and director of digital funds, Peter Jubber, today filed paperwork with the U.S. Securities and Exchange Commission (SEC) informing the regulator of a new fund dedicated to bitcoin.

The previously unknown Wise Origin Bitcoin Index Fund I, LP was incorporated this year and is being run from the same Boston headquarters where the investing giant manages $8.3 trillion in customer funds. The early documentation provides little in the way of details about the fund, and shows zero investors have currently participated. We do know that the minimum investment to join the pooled investment fund is $100,000, indicating this is likely only for institutional and accredited investors.

https://www.forbes.com/sites/michaeldelcastillo/2020/08/26/fidelity-president-files-for-new-bitcoin-fund/#ddcbbe545c9a

official documents: https://www.sec.gov/Archives/edgar/data/1822414/000182241420000001/xslFormDX01/primary_doc.xml

Seems that every Wall Street are into bitcoin right now, they smell huge profit to be made as we have started a bull run already and perhaps they don't want to be left out in the closet when we have a massive run thru 2021 and beyond.

[c_atlas]

Seems that every Wall Street are into bitcoin right now, they smell huge profit to be made as we have started a bull run already and perhaps they don't want to be left out in the closet when we have a massive run thru 2021 and beyond.

Not surprised, a fund like this gives their clients a solid hedge against a falling US dollar (and with more upside than gold). This will probably introduce younger clients to Fidelity's services too. Once their crypto fund see's some green, they'll probably invest more in the firms other services.

[Yaunfitda]

Seems that every Wall Street are into bitcoin right now, they smell huge profit to be made as we have started a bull run already and perhaps they don't want to be left out in the closet when we have a massive run thru 2021 and beyond.

Not surprised, a fund like this gives their clients a solid hedge against a falling US dollar (and with more upside than gold). This will probably introduce younger clients to Fidelity's services too. Once their crypto fund see's some green, they'll probably invest more in the firms other services.

But it seems that it is not for everyone though, $100k is too much for average Joe traders, so I guess this is really design for bitcoin whales or retailers who have huge money to invest in crypto at this time. If we are in a bull run definitely crypto fund are going to see green and probably will attract more and I'm sure that there will be businesses or companies jumping on the bandwagon and offering similar services.

[Baronets]

I believe that Fidelity has been mining Bitcoin since 2015. Perhaps somebody could confirm if this is true.