Fidelity To Be A Custodian For New Bitcoin Trust

The crypto market managed to get back to where it was before the crash of BTC that took place a couple of days ago.

At the moment of writing this article, Bitcoin is trading in the red and the king coin is priced at $9,460.18.

There have been all kinds of exciting achievements taking place in the crypto space, and the latest one involves Fidelity.

Fidelity Digital Assets marks a new achievement

Fidelity Digital Assets, the Bitcoin and crypto custody arm of Fidelity Investments will be acting as the custodian for a new BTC trust.

In a recent SEC filing, the New York-based investment management firm Wilshire Phoenix wants to offer BTC to its clients who will be able to gain exposure to crypto through a publicly-traded fund dubbed “Bitcoin Commodity Trust”.

“The Shares will provide investors with exposure to bitcoin in a manner that is accessible and cost-efficient without the uncertain and often complex requirements relating to acquiring or holding bitcoin,” according to official notes.

Wilshire Phoenix plans to register 80,000 shares of the new Bitcoin trust with each share that is carrying a maximum price of $25.

Fidelity Digital Assets – the custodian of the fund’s BTC

According to the latest reports coming from the online publication the Daily Hodl, the investment company has appointed Fidelity Digital Assets as the custodian of the fund’s BTC.

“[The] Bitcoin will be held by Fidelity Digital Asset Services, LLC (the ‘Bitcoin Custodian’ or ‘FDAS’) on behalf of the Trust.”

More than this, it’s been also revealed that Fidelity will be able to sell or purchase BTC on behalf of the company.

We recommend that you check out the complete notes in order to find out all the details.

The mainstream adoption of digital assets and the blockchain technology has been one of the most important goals that the crypto industry set.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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