tl;dr
Fidelity now allows clients to invest in Bitcoin, Ethereum, and Litecoin through individual retirement accounts. The firm, a major provider of 401(k) savings accounts in the U.S., will custody the assets. Fidelity has been offering crypto to customers for years and backed EDX Markets, a crypto excha...
Fidelity has launched a "crypto IRA" allowing investment in Bitcoin, Ethereum, and Litecoin. This expansion includes digital assets in retirement accounts and Fidelity's involvement in the crypto space extends to backing EDX Markets and offering a Digital Assets Account.
Fidelity's Bitcoin and Ethereum funds have seen substantial net inflows, indicating growing investor interest. The firm now allows clients to invest in these cryptocurrencies through individual retirement accounts and will custody the assets.
In 2022, Fidelity, along with other Wall Street giants, backed EDX Markets, a crypto exchange for institutional investors. The firm also received SEC approval to launch Bitcoin and Ethereum exchange-traded funds, with substantial inflows into these funds. The Fidelity Wise Origin Bitcoin Fund has generated nearly $11.4 billion in net inflows, while the Fidelity Ethereum Fund has received about $1.4 billion in net inflows.
Bitcoin, Ethereum, and Litecoin are now available for investment through Fidelity's "crypto IRA" service. Bitcoin has a market cap of $1.7 trillion, Ethereum has a market cap of $228 billion, and Litecoin has a market cap of $6.4 billion. Fidelity, as a major provider of 401(k) savings accounts in the U.S., will custody the assets with the new service.
Fidelity has been offering cryptocurrencies to customers for years and continues to expand its offerings in the digital asset industry, positioning itself as a prominent player in the evolving landscape of cryptocurrency investments.