Fidelity president filed paperwork with SEC informing the regulator of a new Index Fund dedicated to Bitcoin
Fidelity Investments chief strategist is running a new Bitcoin Index Fund, which appears to be Wall Street’s latest way of playing against high-value institutional cryptocurrency bets.
Fidelity’s chief strategist starts Bitcoin Index Fund
Peter Jubber, head of strategy and planning for the increasingly crypto-friendly investments giant Fidelity.
“Wise Origin Bitcoin Index Fund I, LP has a $ 100,000 minimum buy-in.”
The Fund is the latest example of Wall Street veterans warming up to bitcoin. Fidelity, one of the largest mutual fund firms in the U.S., is also leading the Street in bitcoin research and services.
Wise Origin links back to Fidelity Investments via Jubber and Fidelity’s brokerage service and distribution, both of which are set to receive sales compensation from the new Fund. It also shares a Boston office building with Fidelity.
Despite this, Fidelity declined to comment on his relationship with the Fund. A Delaware company called FD Funds GP is a joint partner of Wise Origin, and Jubber is the chairman of FD Funds. While it is not known how the Fund will approach Bitcoin investment, Jubber demonstrated a bullish trend on blockchain in a 2017 podcast sponsored by Fidelity.
At the time, he said his company outlined ten years of potential for disruptive institutional technology.
He stated:
“Every incumbent should be spending time and money on this topic to understand it, at least to understand the threat. But I think there’s just a massive opportunity.”
The Fund has yet to raise capital from investors.
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