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 advisors 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.
