Fidelity Surpasses Blackrock
Fidelity Investments has once again made waves in the cryptocurrency sector by expanding its digital asset offerings beyond exchange-traded funds (ETFs).
A significant move, the brokerage has launched cryptocurrency-focused Individual Retirement Accounts (IRAs), allowing eligible U.S. investors over the age of 18 in certain states to invest directly in Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC].
With this latest initiative, Fidelity aims to continue bridging the gap with cryptocurrencies, providing investors with a new gateway to digital assets. This coincides with…
The new Fidelity Crypto IRA product comes at a time when financial advisors are increasingly incorporating digital assets into their clients’ portfolios.
In fact, according to a recent survey by TMX VETTA FI, 57% of advisors plan to allocate to crypto ETFs and place significant importance on crypto equity ETFs.
That said, Fidelity’s crypto IRA options provide investors with a flexible means to secure their retirement.
The IRA products are custodied by Fidelity Digital Assets and stored in cold wallets, come with zero fees, and support Roth, Traditional, and Rollover IRA options.
The Fidelity Crypto Roth IRA offers tax-free growth potential, while the Fidelity Crypto Traditional IRA allows for tax-deferred growth.
Additionally, the Fidelity Crypto Rollover IRA provides extended growth for those rolling over from existing retirement accounts. This offers users a stress-free solution to integrate cryptocurrencies into their long-term financial plans.
So Far, the Fidelity Crypto Journey
Needless to say, Fidelity’s performance in the ETF market has been impressive, with its spot Bitcoin ETF, FBTC, recording an inflow of $118.8 million. It even outperformed Blackrock’s iBit, which had an outflow of $115.9 million on April 2.
However, its spot Ethereum ETF has yet to attract any significant liquidity from Farside investors.
With Fidelity now expanding its cryptocurrency offerings, it has even filed to list a Solana [SOL] ETF on the CBOE exchange, indicating a growing commitment to the digital asset space.
Moreover, reports suggest that Fidelity Digital Assets is preparing to test a potential Stablecoin venture. However, there has been no announcement regarding an immediate release plan.
This strategic move positions Fidelity as a key player in the ever-evolving cryptocurrency landscape, particularly as market dynamics continue to shift.
