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Fidelity Bitcoin Investors Increase by 730% Amid Market Downturn

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Wed, 05/25/2022 - 14:28
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Tomiwabold Olajide
Fidelity Investments Bitcoin Index Fund has raised a total of $126.5 million
Fidelity Bitcoin Investors Increase by 730% Amid Market Downturn
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According to Colin Wu, Fidelity Investments recently submitted its latest filing to the U.S. Securities and Exchange Commission (SEC) in which it states that the Bitcoin Index Fund has garnered a total of $126.5 million. In August 2020, the Wise Origin Bitcoin Index Fund went public, allowing Fidelity to give Bitcoin exposure to its investors.

In comparison to the previous reporting period, total investment growth has slowed. Fidelity's in-bound investments have decreased year over year, according to regulatory filings. Even though the fund's size has remained stable in the second year, the number of investors has risen from 83 to approximately 689, a phenomenal 730% increase over the previous year.

Fidelity announced in April that it would allow investors to invest in Bitcoin through their 401(k) retirement savings accounts. This move will empower employers to choose whether or not to expose their employees to Bitcoin in their retirement accounts.

Bitcoin price action

Bitcoin (BTC) recorded its eighth consecutive week of losses for investors for the first time in its history due to a bad macroeconomic mood, inflation fears and the Terra UST collapse.

The lead cryptocurrency was marginally higher, but it was still trading below $30,000. As investors clung to their risk-averse bearishness, several alternative cryptocurrencies, or "altcoins," rose to trade in the green, albeit by a small margin.

Bitcoin was changing hands at around $29,600 at the time of publication, up 1.18%. Ethereum, the second largest cryptocurrency by market capitalization, has recently gained less than 1%, while XRP, SOL and the meme cryptocurrency SHIB have all gained nearly 1%.

Monero, a privacy coin, was also up 5% in the last 24 hours, according to CoinMarketCap.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.