Fidelity Head of Fidelity Consulting, Peter Jubber, has filed paperwork with the U.S. Securities and Exchange Commission (SEC) to launch a new fund specifically dedicated to Bitcoin.
The fund lists Peter Jubber as the Executive Officer, and shares the same address for a Boston office building where the Fidelity headquarters are located.
The paperwork provides very little details about the fund. It does, however, mention that the fund will be called “Wise Origin Bitcoin Index Fund I, LP” and will have a $100,000 minimum buy-in to join the pooled investment fund. This indicates that the fund is aimed at targeting institutional investors or accredited investors with deep pockets.
Fidelity currently manages close to $8 trillion on behalf of its customers, and has been one of the leading investment firms in their support towards cryptocurrency. In 2017, the company partnered with Coinbase to implement the option of displaying crypto holdings on its website. The company already offers crypto-related services, including custody offerings to safeguard crypto holdings.
Although it is expected that the application by Fidelity will join the growing list of failed attempts to get a Bitcoin ETF approved by the SEC, it is another clear example of Wall Street’s growing interest in cryptocurrencies. The only question is: who will claim the title for the first approved Bitcoin ETF?