One of the largest financial services giants in the world has begun offering exposure to Ethereum through a new ETH index fund.
According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Fidelity, a firm with over $4.5 trillion in assets under management, is launching to start an index fund centered around the second-largest crypto asset by market cap.
The financial titan has thus far raised just over $5 million for the ETH index fund, with the minimum investment amount per individual set at $50,000, according to the filing.
Fidelity first announced its plans to include the top smart contract platform in its digital assets division in May, saying at the time that it was focusing on appealing to institutional investors.
Before that, the firm solely offered Bitcoin (BTC) services, including 401(k) retirement plans that had the leading digital asset as an investment option.
In June, Fidelity announced its plans to start up a crypto exchange platform alongside other financial service giants Charles Schwab, Citadel Securities and Virtu Finance as a means of increasing the public’s access to virtual assets.
Fidelity’s president of digital assets Tom Jessop has said the company is focusing on what’s beyond this year’s crypto bear market.
“We’re trying not to focus on the downturns and focus on some of the long-term indicators [such as demand from clients]. We are trying to build infrastructure for the future because we measure success over years and decades, not weeks and months.”
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