Fidelity, the multi trillion-dollar investment firm that announced in October that they were launching a crypto investment fund, are still targeting a launch date this month, according to Bloomberg. A March launch was proposed in January, but there had been no further word since then, which had begun to concern those who harbor hopes that it will help bring legitimacy to the cryptocurrency space and maybe even help to start turn the market around. Bloomberg cites “three people with knowledge of the matter” as saying that the fund will launch this month, starting with a Bitcoin fund and branching out to Ethereum down the line.
Marathon, Not a Sprint
Fidelity’s fund will initially be open to large investors and hedge funds, and, according to a statement Bloomberg obtained from the firm, they won’t be rushing to add more coins until they have properly examined the market and given the Bitcoin fund time to settle down:
We are currently serving a select set of eligible clients as we continue to build our initial solutions. Over the next several months, we will thoughtfully engage with and prioritize prospective clients based on needs, jurisdiction and other factors.
Fidelity’s Chief Executive Officer Abigail Johnson has long been a proponent of digital assets, stating in 2017 that blockchain technology might “[change] the architecture of the internet itself”. Indeed, the firm has been mining Bitcoin since 2015 and Ethereum since 2017, something that not many other $7.6 trillion investment funds would dare to do.
Investors Remain Wary
The update was received with cautious optimism by Bitcoin lovers, presumably stung by the many delays suffered by Bakkt and the various Bitcoin ETF issues in recent months. Whether an immediate reaction will be seen in the markets upon the launch date is debatable, but a successful launch would be a huge shot in the arm to Bitcoin’s credibility.