Fidelity Investments plans to launch bitcoin trading for retail customers on its brokerage platform, according to a report from the Wall Street Journal.
The trillion-dollar asset manager will make its latest play in crypto by allowing users to buy bitcoin through its platform, sources with familiarity of the matter told WSJ that. The firm launched its bitcoin-trading business for institutional investors and hedge funds in 2018, and just over two years ago, Fidelity launched its bitcoin index fund, which crossed $125 million in investments in May.
"While we have nothing new to announce, expanding our offerings to enable broader access to digital assets remains an area of focus," the firm's official statement in response to a request for comment.
"A little bird told me Fidelity are going to shift retail customers into crypto soon,'" Galaxy Digital CEO Mike Novogratz said at the SALT conference in New York on Monday. "I hope that bird is right."
Fidelity boasts 34 million brokerage accounts, which would open crypto investing up to more investors through a trusted platform.
The asset manager, which looks after about $4.2 trillion in assets, revealed in April that it plans to allow investors to add a bitcoin account to their 401(k)s, once their employers approve.
Beyond these offerings, the firm also has a range of exchange-traded products geared towards digital payments, cryptocurrencies and the metaverse.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.