Fidelity's First Bitcoin Fund Raised Over $100M In Nine Months

What Happened: According to recent SEC filings, Fidelity Investments’ Wise Origin Bitcoin Index Fund I, LP, has raised $102 million from affluent investors over the past nine months.

The fund is a passively-managed investment vehicle that is managed by Chief Strategist Peter Jubber and offered to accredited investors through the Fidelity Digital Funds subsidiary.

Since August, 83 investors have pooled in their funds to raise a total of $102,350,437 as per the SEC filings. In order to invest in Fidelity’s Bitcoin fund, investors had to offer a minimum investment of $50,000.

Why It Matters: Apart from Fidelity, only Pantera Capital, Galaxy Digital Holdings Ltd GLXY, and New York Digital Investment Group LLC have reported over $100 million in sales from a Bitcoin fund.

So far, these funds are open only to certain “qualified investors,” but if Fidelity’s plans to launch a Bitcoin ETF are approved, the Wise Origin brand could soon offer a Bitcoin fund to a broader range of market participants.

In March, Fidelity moved to register a Bitcoin exchange-traded fund with the SEC.

“The Trust provides investors with the opportunity to access the market for Bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring Bitcoin directly, acquiring it from a Bitcoin spot market, or mining it,” said Fidelity.

See also: Fidelity Launches Crypto Analytics Platform For Institutional Investors

The SEC is expected to make a decision on the approval of the Fidelity ETF within the next two months.