Fidelity Investments is launching a new Ethereum (ETH) index fund as it bolsters the cryptocurrency offerings it makes available to clients.
The fund, which tracks the price movements of Ethereum, has raised nearly $5 million U.S. since sales started on September 26, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Ethereum is the second largest cryptocurrency by market capitalization after Bitcoin (BTC).
Fidelity’s new Ethereum index fund is not for every investor though as it requires a minimum investment of $50,000 U.S.
With such a high entry point, the “Fidelity Ethereum Index Fund” is only available to accredited investors and institutional investors.
Fidelity says the new index fund will track the performance of Ethereum through passive, direct ownership.
The new Ethereum fund is the second cryptocurrency fund launched by Fidelity following the 2020 launch of the “Wise Origin Bitcoin Index Fund I.”
There are media reports that Fidelity is planning to eventually offer direct cryptocurrency trading to its retail clients, though that service is not yet available.
Established in 1946, Fidelity is one of the largest investment firms in the world with about $4.5 trillion U.S. of assets under management.
The price of Ethereum is down 65% this year at $1,334.74 U.S.
