Last week Morgan Stanley announced they would offer clients ways to invest in cryptocurrency and not long after Fidelity is coming out with its own offerings.
Fidelity has pushed ahead with documentation to the SEC on a new fund titled "Wise Origin Bitcoin Trust" that will track bitcoin price and trade it without having to own bitcoin. It will track bitcoin price as an index fund so there is potential that this ETF can have options spreads associated to it.
By comparison Grayscale's GBTC is already holding assets in the tune of $36 billion and since the overall crypto market is close to $1.7 trillion by coinmarketcap.com analysis it is just a drop in the bucket. The more easier money can get into investing btc and other crypto the more likely prices can continue to rise. The demand is there and now supply will also be arriving.
Fidelity last year was starting its "Wise Origin Bitcoin Index Fund I" and serves clients with over $100k in assets at Fidelity. The new index fund will allow more participation for users to invest in btc through the stock market. As this fund is open directly to all stock trader participants with a stock ticker symbol.
Fidelity called BTC having a:
“unique advantage over gold.”
One final note is Fidelity already has a mining program on BTC and ETH that they started in 2014. Whether or not it became profitable the notion that they already had mining before the current crypto market boom goes to show how ahead they are when it come to adoption of crypto.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
LeoFinance = Financial Blog
LeoDex = Hive trading exchange for Secondary Tokens, Low 0.25% fees for deposits and withdraws.
HiveStats = Hive stats per user
LeoPedia = Informative content related to anything about Crypto and how to make financial gains in crypto!