The US Securities and Exchange Commission today published a new application for a Bitcoin index fund recently submitted by Fidelity’s president and head of strategy and planning, Peter Jubber.
According to the filing document published by the SEC, the proposed fund called ‘Wise Origin Bitcoin Index Fund I, LP,’ is meant to target deep-pocket investors with the minimum participation tag set at $100,000.
Notably, the fund lists Peter Jubber as executive officer and also includes details of a Boston office building that shares the same address where Fidelity headquarters are located. However, the SEC filing does not show further details about the fund structure or products, and also did not highlight any existing investors.
Fidelity Investments, which currently manages $8 trillion on behalf of its customers, has been a leader in helping clients navigate crypto markets and was among the first Wall Street firms to allow Coinbase clients to view their crypto holdings right on its platform.
Fidelity’s cryptocurrency investment arm has also secured approval to operate as a trust in the state of New York, which allows the company to widen its business beyond just being a custodian for institutional clients.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
Fidelity Investments established its new subsidiary back in 2018 to help professional investors, including hedge funds and family offices, gain exposure to crypto-assets using an over-the-counter (OTC) trading desk.
The company already features institutional-grade, crypto linked services, including custody offerings to safeguard holdings and execution services 24 hours a day, seven days a week.
Most recently, in June, a regulatory disclosure with the Ontario watchdog showed that the investing giant owns around 10.6% stake in the mining firm, Hut 8.
Despite investor interest, it seems unlikely that the SEC would be comfortable using bitcoin as an underlying asset in a regulated investment vehicle any time soon.
Pending the regulatory decision, the Fidelity proposal could ultimately join the long list of failed attempts to get an ETF approved by the SEC, leaving the title for the first approved BTC exchange-traded product still empty.