Fidelity Investments will allow its clients to allocate part of their retirement savings to bitcoin.
The company, which manages some $4.2 trillion in assets, on Tuesday told The Wall Street Journal and other publications that it plans to permit investors to add a bitcoin account in their 401(k)s, so long as their employers allow it.
Reports suggest the new functionality could be rolled out as soon as the summer of this year. Fidelity would let retirement savers allocate up to 20% of their portfolio to bitcoin, although that number could change.
Management fees for the bitcoin account will range between 0.75% and 0.90%, with the exact amount depending on the amount invested and the employer, plus an as yet undisclosed additional fee, per reports.
Fidelity is in discussions with employers on the account, Dave Gray, head of workplace retirement offerings and platforms at Fidelity Investments, told the New York Times, adding that MicroStrategy has already signed on.
While Fidelity will initially support bitcoin, it could add other cryptocurrencies as well in the future, according to Gray.
Fidelity was among the first global financial institutions to wade into the crypto market. It launched a digital assets arm focused on custody and execution services in October 2018.