Credit: Original article published by CryptoPotato.

Less than a year after acquiring a substantial portion in the Hong Kong-based crypto-focused firm BC Technology Group, Fidelity International has upped its stake. The investment subsidiary of the Boston-based mutual fund giant has allocated nearly $7 million more for a total stake of 6.29%.

Fidelity Doubles-Down On Investing In A Crypto Firm

Bloomberg reported in February last year that Fidelity International had acquired a $14.2 million stake in BC Technology Group Ltd. – the operator of one of Asia’s largest digital asset platforms for professional investors, OSL.

At the time, Fidelity purchased 17 million shares for an average price of $0.85 per one, and the company received a 5.6% portion.

Earlier today, Singapore’s financial media outlet Business Times reported that the investment arm of the US-based mutual fund behemoth had increased its stake. Fidelity had allocated another $6.71 million and now owns 6.29% of BC Technology Group.

BC Group announced earlier that it had signed an agreement to raise nearly $120 million in a top-up share placement that included undisclosed institutional investors.

Hong Kong’s Securities and Futures Commission (SFC) granted OSL licenses for Type 1 (dealing in securities) and Type 7 (automated trading service) last year. Thus, the BC Group-operated trading platform became one of the first exchanges based in Asia to offer automated cryptocurrency trading services under the digital asset regime that SFC introduced in 2019.

Fidelity, Crypto, And Asia

The cryptocurrency-oriented subsidiary of the investment company, called Fidelity Digital Asset Services (FDAS), also made a strategic investment that involved digital assets in the world’s largest continent.

CryptoPotato reported in October 2020 that Fidelity partnered with a regulated fund manager focused on digital asset services called Stack Funds to enable Asian investors to purchase and store cryptocurrencies.

Both parties indicated that the Asian market had been gradually growing in demand towards the crypto industry, especially from high-net-worth individuals and family offices.

Previously in 2020, FDAS launched its first Bitcoin Index Fund with a minimum investment requirement of $100,000. Additionally, the company published a study highlighting the growing interest in cryptocurrencies. It concluded that 36% of institutional investors have already purchased bitcoin or another digital asset.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

Categories:

Tags:

Comments are closed

Translate

Visit Our Other Websites

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

Dexize.com - Ultra-Priviate DEX.

ClassicAutomobile.org - Classic Automobile News.