Fidelity launches Ethereum index fund

The global financial services giant offers the opportunity to join the new ETH index fund

According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Fidelity, which is a financial services giant with over $ 4.5 trillion in assets, is preparing to set up an index fund centered around the second largest cryptocurrency by capitalization market.

Fidelity is starting preparations for the creation of a new ETH index fund

According to information from the financial market, the global investment giant has so far raised just over $ 5 million to its new fund, which is indexed to ETH. Fidelity has established a minimum investment amount per single investor, which has been set at $ 50,000.

The Fidelity Group first announced its plans to add a top-of-the-line smart contract platform to its digital asset division in May this year. The famous financial group at the same time stated that it focuses primarily on the attractiveness of its new product for institutional investors.

Previously, the company only offered Bitcoin (BTC) services, including retirement plans, the core of which was the largest cryptocurrency in terms of overall market capitalization.

In June 2022, Fidelity announced its bold plans to launch a cryptocurrency exchange platform along with other major financial services players such as Charles Schwab, Citadel Securities and Virtu Finance. The main goal set by these companies was to increase public access to digital assets.

Tom Jessop, Fidelity's chairman for digital assets, said the company is focusing on those cryptocurrencies that are outside this year's bearish trend.

- We are trying not to focus on declines, but we are looking at a number of long-term indicators, which include, for example, investor demand. We are constantly trying to build the infrastructure for the future because our strategy is to measure success over years and decades, not weeks and months, said Tom Jessop.