Skip to main content

Bitcoin Index Fund Filed With SEC

The U.S. Securities and Exchange Commission (SEC) has published a new filing for a bitcoin fund, submitted by Fidelity Investments’ head of strategy and planning.

The SEC published Wednesday a Notice of Exempt Offering of Securities (Form D) filing for a new bitcoin fund. The issuer is Wise Origin Bitcoin Index Fund I, incorporated in Delaware this year. The minimum investment for this new bitcoin fund that will be accepted from any outside investor is $100,000. Fidelity Brokerage Services and Fidelity Distributors Company will receive sales compensation.

Peter Jubber, Head of Strategy and Planning at Fidelity Investments, is listed as “the President and a director of FD Funds GP LLC, the general partner of the issuer.” Jubber has also filed Form D with the SEC for two other funds of similar names that do not mention bitcoin: Wise Origin Fund I and Wise Origin Fund II. The former was filed in January and the latter in April.

A person familiar with the matter told Bloomberg on Wednesday that the fund will be a passively-managed, bitcoin-only fund available to qualified investors. Fidelity Digital Assets, the cryptocurrency arm of Fidelity Investments, will custody the fund. “Fidelity has made a long-term commitment to the future of blockchain technology and to making digitally-native assets, such as bitcoin, more accessible to investors,” the company said in a statement to the news outlet.

Wednesday’s filing seeks an exemption from registration requirements under Rule 506(B) of Regulation D for private placements. This rule allows companies to raise an unlimited amount of money and sell securities to an unlimited number of accredited investors, subject to some restrictions, such as not allowing general solicitation or advertising to the market.

Fidelity’s filing comes as bitcoin is gaining popularity among institutional investors. In June, Fidelity Digital Assets released the results of a survey it conducted on institutional interest and adoption of cryptocurrencies. “Almost 80% of institutional investors find something appealing about digital assets,” the firm found.

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

Five Bitcoin Price Charts Analyzing The Dramatic Q1 2022 Conclusion

There are only hours remaining until the Q1 2022 close in Bitcoin price action. With the important quarterly candle set to close tonight, let’s look at what technicals might say about the direction of the next quarter. Q1 2022 Comes To A Close For Bitcoin The first quarter of a year, often sets the tone for the year to come. In investments, a poor Q1 performance is indicative of a bad year ahead. Considering the fact that Bitcoin price is now above $45,000 after touching $32,000 this quarter, it is tough to say the performance has been “poor” by anything other than crypto standards. Related Reading | Bitcoin Weekly Momentum Flips Bullish For First Time In 2022 The cryptocurrency has recovered nearly 40% from the low, leaving a long wick behind. Such a long wick suggests that before the quarter came to a close, buyers stepped up in a major way. Buyers were able to step up in a larger capacity in Q1 2022 than bears were able to in the final quarter of last year. The bearish wick to cl...
Post a Comment
Read more

FTX hacker reportedly transfers a portion of stolen funds to OKX after using Bitcoin mixer

On-chain activity suggests that the hacker has sent at least 225 BTC (4.5 million) to OKX so far. Hackers who drained FTX and FTX USA of over $450 million worth of assets just moments after the doomed crypto exchange filed for bankruptcy on Nov. 11, continue to move assets around in an attempt to launder the money.  A crypto analyst who goes by ZachXBT on Twitter alleged that the FTX hackers have transferred a portion of the stolen funds to the OKX exchange, after using the Bitcoin mixer ChipMixer. The analyst reported that at least 225 BTC — worth $4.1 million USD — has been sent to OKX so far.  1/ Myself and @bax1337 spent this past weekend looking into the FTX attacker’s deposits to ChipMixer. It appears they’ve likely been transferring a portion of the stolen FTX funds to OKX after withdrawing from CM So far we’ve accounted for at least $4.1m (255 BTC) sent to OKX pic.twitter.com/C46JZWtktn — ZachXBT (@zachxbt) November 29, 2022 According to ZachXBT, the FTX h...
Post a Comment
Read more

2 metrics signal the $1T crypto market cap support likely won’t hold

Despite the 8.5% weekly rally in cryptocurrencies, the lack of stablecoin premiums in Asia and futures markets activity shows buyers’ lack of confidence. Cryptocurrencies broke the $1 trillion market capitalization resistance on Oct. 26, which had been holding strong for the previous 41 days. Despite Bitcoin’s ( BTC ) modest 5.5% weekly gains, the aggregate value of 20,000 listed tokens increased by 8.5% between Oct. 24 and 31. Total crypto market cap, USD (in billions). Source: TradingView The cryptocurrency market was positively impacted by a 6.3% weekly rally in the Russell 2000 mid-capitalization stock market index. Some encouraging news accompanied the positive tailwinds from traditional markets. For instance,  55,000 BTC was withdrawn from Binance on Oct. 26, a record high. Typically, analysts consider the reduced number of coins deposited on exchanges a bullish indicator, as the immediate selling pressure eases. Moreover, exchange and wallet provider Blockchain.com ...
Post a Comment
Read more