Fidelity Investments registered an Ethereum Index Fund on Tuesday, according to filings with the Securities and Exchange Commission.
The privately-owned asset manager has more than $9.9 trillion assets under administration and $3.7 trillion in discretionary assets. And the Ethereum Index Fund will expand Fidelity's cryptocurrency offerings for its 34.4 million retail accounts.
Fidelity already has more than $5 million invested in the fund with the first sale taking place on Sept. 26. There's no limit to the total offering amount, but the documents indicate a $50,000 minimum requirement for outside investors.
It's not Fidelity's first cryptocurrency rodeo. In April, the company announced the option to invest Bitcoin in 401(K) retirement accounts. And Fidelity was reportedly considering plans to allow Bitcoin trading on its brokerage platform.
At the mid-September SALT Conference in New York, Mike Novogratz, CEO of digital asset and blockchain investment firm Galaxy Digital Holdings, hinted that "Fidelity … is going to shift their retail customers into crypto soon enough."
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