By launching Fidelity Digital Funds under an 18-year seasoned exec, the Boston giant is signalling no let-up by putting something scarcer than capital into the crypto-pot -- its seasoned talent.
Seven years after secretly laying the groundwork for its crypto-businesses, the Boston giant announced the launch, of its crypto-asset management unit. Fidelity channels some of professor Saifedean Ammous' bullish view on Bitcoin. A month earlier, July 10, Fidelity stepped up its ability to mine Bitcoin by acquiring a 10% stake in Toronto, Canada-based Bitcoin miner Hut 8. Then, on Jul. 14, Fidelity's crypto-custodian, Fidelity Digital Assets landed a significant sub-custody deal with Kingdom Trust. See: Fidelity bags $13 billion AUM digital assets win to its custody, as federal regulators attempt to move Bitcoin custody from 'weirdo websites' to mainstream banks. These moves add further crypto-capacities to Fidelity's two-year old Bitcoin custody arm. Now, Fidelity has its first crypto-fund, the Bitcoin-only, Wise Origin Bitcoin Index Fund. But as the name suggests, Fidelity Digital Fund's product-list could mushroom to include multiple funds.