Fidelity Investment is offering a new index fund that gives its clients exposure to Ethereum (ETH), the leading smart contract platform by market cap.
The financial giant launched the Fidelity Ethereum Index Fund as part of its Fidelity Digital Assets subsidiary, which provides custody and trading services for crypto investments.
The SEC filing shows that the fund is available to investors for a minimum investment of $50,000. As of September 30th, the fund already has $5,018,184 in assets.
Fidelity announced its plan to offer ETH trading and custody services in May. Prior to that, the financial titan with over $4.5 trillion in assets under management only provided Bitcoin (BTC) services and 401(k) retirement plans that had the flagship crypto asset as an investment option.
The firm is offering the Ethereum-focused financial product as current market conditions pummel the price of digital assets. From trading for more than $4,000 a year ago, Ethereum is now changing hands for $1,300.
Amid the crypto winter, Ethereum rolled out its much-awaited merge upgrade last month, which transformed the blockchain into a proof-of-stake network.
Fidelity’s president of digital assets Tom Jessop says the company is trying to focus on long-term indicators such as client demand despite the turmoil in the crypto market.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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