No, You Can’t Invest in Bitcoin Through Fidelity's IRAs

Fidelity is denying claims that bitcoin can be used in self-directed IRAs (Individual Retirement Accounts) held through the company.

AccessTimeIconDec 13, 2013 at 6:10 p.m. UTC
Updated Sep 2, 2021 at 11:57 a.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

Mutual fund Fidelity is denying claims that bitcoin can be used in self-directed IRAs (Individual Retirement Accounts) held through the company.

On Wednesday, CNBC and MarketWatch both reported that Fidelity's investors could choose to invest funds in the Bitcoin Investment Trust (BIT). However, Fidelity was quick to deny the reports.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • — Mary Thompson (@MThompsonCNBC) December 11, 2013

    Fidelity responded via twitter that it was not offering bitcoin investment through its platform.

    — Fidelity Investments (@Fidelity) December 12, 2013

    BIT was launched in September by SecondMarket, who teamed up with several other self-directed IRA providers to allow investors a straightforward way to make IRA investments in bitcoin. BIT claims to currently have net assets of $58.8m.

    Barry Silbert, CEO at SecondMarket, said: "The Bitcoin Investment Trust was previously approved by Fidelity as an eligible investment for accredited clients in their self-directed IRA accounts and investments began closing last week. We understand that Fidelity has decided to reevaluate this decision."

    He went on to say BIT remains an approved investment on the PENSCO, Entrust, Millennium and Equity Institutional self-directed IRA platforms for accredited investors.

    "We expect to add other platforms to the approved list shortly. Eligible investors can also invest directly through the BIT website," Silbert concluded.

    Piggy Bank image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.