Fidelity's Crypto Expansion: $60M Bitcoin ETF Purchase, Solana ETF Application, and Stablecoin Exploration

Fidelity Investments is significantly expanding its presence in the cryptocurrency market. Recent activity includes a $60 million Bitcoin purchase for its FBTC ETF, detected by Arkham Intelligence, highlighting substantial ETF inflows. This news coincided with Fidelity's application to the Chicago Board Options Exchange (CBOE) for a Solana spot exchange-traded fund (ETF), a first for a major U.S. financial institution. Fidelity, managing over $800 billion in assets, aims to lead in digital asset investments. Furthermore, Fidelity is exploring launching its own stablecoin, following the successful introduction of its Bitcoin and Ethereum ETFs earlier in 2024. With approximately $238.5 billion in stablecoins currently in circulation, Fidelity's digital asset division is actively testing a stablecoin, though there are no immediate plans for public launch, according to the Financial Times. This move aligns with a broader trend of financial institutions entering the crypto space, with stablecoin legislation expected to advance in the Senate and House of Representatives next week. In addition to stablecoin testing, Fidelity has also filed to launch a tokenized money market fund, reflecting its commitment to integrating advanced technology into its offerings.