New report claims that Fidelity Investments has already submitted paperwork to the Security and Exchange Commissions to host a Bitcoin-based institutional fund.
According to Fidelity Investments, the new Bitcoin-based institutional fund that would be hosted is called Wise Origin Bitcoin Index Fund I, and it would be made available for only high-value institutional investors.
In the filing that was submitted, the firm noted specifically that institutions should be ready to part with nothing less than $100,000, which would not be a problem to major institutions as Fidelity Investments aims to freeze out individuals who can’t afford it. Presently, the United States trademark office is still reviewing the file, and a verdict will be reached soon if the trademark would be granted.
Fidelity says Bitcoin-based institutional fund would start with $100,000
This news is coming as a shock to prominent crypto analysts and stakeholders as the Wise Origin Fund trademark has already been used in the earlier part of this year. Recall that the previous Origin Fund announcement did not mention anything about Bitcoin.
However, it is not surprising to see Fidelity Investments embark on this Bitcoin-based institutional fund project as they are well versed in the digital assets market. According to Fidelity Investments earlier announcement, a big chunk of their clients have shown interest in the crypto space.
Fidelity wants to help its client venture into the crypto space
According to Fidelity Investments, while the majority of their clients are showing keen interest in the crypto space, a small fraction own digital assets on a small scale. Fidelity Investments is no newbie to the crypto space as the firm has been involved in digital assets after it launched a crypto custodial service two years ago.
The branch of the company that oversees digital assets services announced around October last year that they had started trading services. The new Bitcoin-based institutional fund is coming on the back of its approved research into digital assets. Another essential factor for the outfit might be the success enjoyed by several investment firms in the crypto space.