Fidelity Investments’ chief strategist, Peter Jubber, is set to head a new bitcoin index fund that has a minimum buy-in of $100,000, according to a filing with the U.S. Securities and Exchange Commission (SEC).
The fund, called “Wise Origin Bitcoin Index Fund I, LP” was incorporated this year and is being run from the same Boston headquarters where Fidelity Investments manages its $8.3 trillion in customer funds. The fund is likely only for institutional and accredited investors and appears to show Wall Street veterans keep warming up to BTC.
Wise Origin is linked back to Fidelity Investments via Jubber and Fidelity’s brokerage service and distribution subsidiaries, which are set to receive sales compensation from the new fund. Nevertheless, the relationship between Wise Origin Funds and Fidelity Digital Assets remains unclear.
According to Forbes, a voice on Wise Origin’s answering machines identifies the organization as “Wise Origin Funds,” a name that saw Fidelity intellectual property vice president Thomas Berry file a trademark for.
CoinDesk reports that while it isn’t clear how the fund will approach bitcoin investing, Jubber was bullish on blockchain technology back in 2017, as during a podcast sponsored by Fidelity he said his firm had “10 years of potentialities” for the technology.
Every incumbent should be spending time and money on this topic to understand it, at least to understand the threat. But I think there’s just a massive opportunity
The fund hasn’t yet raised any capital from investors.
Featured image via Pixabay.