As per the filing sent to the SEC this Wednesday, the prominent US-based mutual fund company, Fidelity, is set to launch a brand new Bitcoin fund within the country. Peter Jubber, the head of Fidelity, filed the particular Form D papers amidst the persisting successes the crypto is experiencing – managing to sustain its place beyond the $10,000 price point.
This new Bitcoin fund will be officially called the “Wise Origin Bitcoin Index Fund 1.” It will fall under the pooled investment funds category and requires a minimum investment of $100,000 from investors outside the company. Notably, since it was submitted under Rule 506 (b) indemnity, the fund would allow accredited investors to invest unlimited amounts. However, it would be banning any form of advertisement for the said fund. The Wise Origin Bitcoin Index Fund 1 is set to operate on Fidelity’s office on Rhode Island.
Fidelity’s move is seen by many as its latest comprehensive play to enable high-stakes institutional crypto betting within Wall Street. Furthermore, considering that Fidelity has been at the forefront in Wall Street regarding services and research of Bitcoin, many have also been led to believe that this could be a conclusive proof that Street veterans are now viewing the crypto in a greater light.
The brand new Bitcoin index fund has not collected any capital from investors as of yet.