Fidelity has changed to register a Bitcoin (BTC) publicly traded fund, according to a preliminary order made with the US Securities and Exchange Commission.
What happened: Fidelity said its index will track “eligible” BTC spot markets and reflect the cryptocurrency’s performance in US dollars.
According to Fidelity, current spot markets include Coinbase, Bitstamp, Gemini, itBit and Kraken.
“The Trust offers investors the opportunity to access the bitcoin market through a traditional brokerage account without the potential barriers to entry or risks involved in maintaining or transferring bitcoin directly, acquiring it from a bitcoin spot market or mining -o ”, the services giant said in the process.
Why does it matter: The BTC hit a historic high this month, reaching $ 61,683.86 on March 13th. So far, the cryptocurrency was traded 3.17% down at $ 52,689.83.
The recent price slowdown has not lessened the interest of institutional investors in Bitcoin.
SkyBridge Capital founder Anthony Scaramucci also joined the fray to launch a Bitcoin fund aimed at wealthy investors.
Meanwhile, the Digital Currency Group already has a number of cryptocurrency funds in place. THE Grayscale Bitcoin background (OTC: GBTC) closed 3.74% lower at $ 45 on Wednesday.
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