Fidelity: the Ethereum Index Fund has raised $5 million since its launch
Bitcoin and altcoins

Fidelity Ethereum Index Fund has raised $5 million since its launch

Fidelity opens up to Ethereum with a new index fund. The firm has raised $5 million since its launch in late September. Thus, it is looking to capitalize on the Web3 and Ethereum sectors with a new ETF.

Fidelity International is a fund management company founded in 1969. Since its inception, it has gained more than 2.5 million clients worldwide. Fidelity now boasts a presence in 25 countries around the world.

In 2020, Fidelity International has a net inflow of $30 billion. It places the management company among the largest fund managers with assets under management having reached $650 billion in total.

The firm recognizes the need for a diverse set of products and solutions . This time, it is ethereum’s turn to make its entry at Fidelity.

In fact, Ethereum Index Fund will be indexed to the ETH price. The document also states that Fidelity has recorded $5 million in inflows since the start of marketing on September 26. The fund invests directly and indirectly on Ethereum, i.e. cash and also on the futures markets.

A Fidelity spokesperson said:

“As the digital asset market grows, Fidelity recognizes the need for a diverse set of products and solutions that help clients gain exposure in a way that aligns with their distinct financial goals and risk tolerance. We have continued to see demand from clients for exposure to digital assets beyond bitcoin.”

Last month, Fidelity Digital Assets, the Boston-based firm’s crypto subsidiary, announced it was beefing up its staff with the ambition of offering access to other digital coins, including ether. Fidelity had previously only offered investment services in the market’s leading cryptocurrency, Bitcoin (BTC).

More recently, the Wall Street Journal reported that the manager plans to allow its retail clients to trade cryptos. Like its first fund Wise Origin Bitcoin Index Fund I, the Ethereum Index Fund is only available to accredited investors (minimum $50,000 investment).

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