Fidelity Investments, one of the largest mutual fund firms in the U.S is continuing to lead institutional money into the crypto market. Wall Street’s latest play for high-dollar institutions is creating a bitcoin index fund. After filing with the Security and Exchange Commission (SEC) Wednesday morning, Fidelity has created a fund that will dedicate its capital to digital assets. The Wise Origin Bitcoin Index Fund I, LP has a $100,000 minimum buy-in and Peter Jubber leading the crypto-friendly giant.
Wise Origin links back to Fidelity Investments via the head of strategy, Peter Jubber, and Fidelity’s brokerage service and distribution subsidiaries, both of which are set to receive sales compensation from the new fund.
Although it’s unclear how Fidelity will invest in crypto, one thing is for sure, Jubber is bullish on blockchain. He expressed his optimism towards the technology on a Fidelity sponsored podcast in 2017. He is viewed as a man who looks toward the future. He said his firm had mapped out 10 years of potential institution-disrupting technology. It’s clear that Jubber is ahead of the curve and his efforts may lead to Fidelity survival.
“Every incumbent should be spending time and money on this topic to understand it, at least to understand the threat… I think there’s just a massive opportunity.”