Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accountswww.wsj.com/articles/fidelity-to-allow-retirement-savers-to-put-bitcoin-in-401-k-accounts-11650945661
131 sats \ 10 comments \ @Jem 26 Apr 2022 bitcoin
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34 sats \ 2 replies \ @cryptocoin 26 Apr 2022
Here's an archive, which has no paywall, no subscription requirement, and can be easier to read:
Fidelity to Allow Retirement Savers to Put Bitcoin in 401(k) Accounts https://archive.ph/BEB6y
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2 sats \ 0 replies \ @cryptocoin 27 Apr 2022
The press release from Fidelity:
Leading business intelligence solutions provider MicroStrategy2 plans to be the first employer to offer DAA in their retirement plan.
Employers can expect additional updates in the coming months as Fidelity continues to build out its digital asset platform, leveraging blockchain technology and expanding use cases beyond bitcoin.
Fidelity Investments Advances Leading Position as Digital Assets Provider With Launch of Industry’s First-of-Its-Kind Bitcoin Offering for 401(k) Core Investment Lineup https://www.businesswire.com/news/home/20220426005525/en/Fidelity-Investments-Advances-Leading-Position-as-Digital-Assets-Provider-With-Launch-of-Industry%E2%80%99s-First-of-Its-Kind-Bitcoin-Offering-for-401-k-Core-Investment-Lineup
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0 sats \ 0 replies \ @cryptocoin 27 Apr 2022
Here's another article on this:
Bitcoin in the proprietary DAA will be held in the Fidelity Digital Assets custody platform in a measure meant to provide institutional-grade security.
MicroStrategy To Allow Employees To Invest In Bitcoin As Part Of 401(k) Plan https://bitcoinmagazine.com/business/microstrategy-to-allow-employees-to-invest-in-bitcoin-as-part-of-401k-plan
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20 sats \ 2 replies \ @BlokchainB 26 Apr 2022
Wonder how this works
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20 sats \ 1 reply \ @go 26 Apr 2022
It has to be a custody service, via a third party I would guess. Probably Paxos or something similar.
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2 sats \ 0 replies \ @cryptocoin 27 Apr 2022
From the Bitcoin Magazine article linked to in a separate reply:
Bitcoin in the proprietary DAA will be held in the Fidelity Digital Assets custody platform in a measure meant to provide institutional-grade security.
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31 sats \ 2 replies \ @cryptocoin 26 Apr 2022
Later this year, the 23,000 companies that use Fidelity to administer their retirement plans will have the option to put bitcoin on the menu.
Under the plan, Fidelity would let savers allocate as much as 20% of their nest eggs to bitcoin, though that threshold could be lowered by plan sponsors. Mr. Gray said it would be limited to bitcoin initially.
]Fidelity] administers plans with more than 20 million participants and $2.7 trillion in assets-under-administration. Fidelity also has a growing presence in the cryptocurrency business, including a trading and custody platform it launched in 2018 that caters to hedge funds and other sophisticated investors.
The fees on the account will be between 0.75% and 0.9%, depending on the client, not counting trading costs.
Fidelity’s interest in cryptocurrencies began nearly a decade ago, when Abigail Johnson, now chairman and chief executive, began to hold weekly internal meetings to discuss digital assets and blockchain technology. The firm started mining bitcoin in 2015. [...] In 2020, it opened its own crypto fund for wealthy customers.
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22 sats \ 0 replies \ @bitcoingraffiti 26 Apr 2022
Max 20% of those assets could move to Bitcoin. That's another 540 billion.
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17 sats \ 0 replies \ @kilianbuhn 26 Apr 2022
I guess that means no self hosted...
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22 sats \ 0 replies \ @go 26 Apr 2022
Saylor seems to have been a key player in the back end: https://twitter.com/saylor/status/1518932342815047682
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