Well, that just happened to slip in there. Without anybody taking serious notice of the larger implications, Fidelity, the worlds fourth largest asset manager with $7.2 trillion in assets under management, has been mining Bitcoin since 2015.
They also disclosed that they have been closely watching the digital asset class for at least five years. These ‘internal’ disclosures lead the firm to open up an institutional custody and warehouse platform that will allow institutional firms to trade bitcoin and, presumably, other digital assets (what assets besides Bitcoin could be available to institutions is yet to be known).
In their announcement yesterday, that made the biggest splash in the crypto and larger financial media space, Fidelity made it clear they aim to seriously compete with the likes of Bakkt, ErisX, Nasdaq, and others sure to jump into the fray.
“Fidelity Investments is spinning off a stand alone company dedicated exclusively to bringing cryptocurrencies to institutional investors.
Called Fidelity Digital Assets, the limited liability corporation based in Boston will provide enterprise-grade custody solutions, a cryptocurrency trading execution platform and institutional advising services 24 hours a day, seven days a week designed to align with blockchain’s always-on trading cycle.”
Again, snuck into a small paragraph across several articles, Tom Jessop disclosed the Fidelity has been researching digital assets for about five years and “…mining Bitcoin since 2015.”
So it simply begs the question: How much Bitcoin has Fidelity actually mined and where are they keeping it? Interesting development indeed.