A new IRA plan has been launched that allows direct investment in cryptocurrencies, providing investors with yet another pathway into this asset class.
This brokerage offers access to bitcoin (BTC), ethereum (ETH), and Litecoin (LTC) for any U.S. citizen aged 18 or older. The assets are managed by Fidelity Digital Assets and stored in a cold wallet. This crypto IRA product does not have any associated fees, and customers can choose to invest through a Roth IRA, traditional IRA, or rollover IRA, as stated on the brokerage’s website.
The introduction of this product aligns with the growing trend among financial advisors to incorporate cryptocurrencies into their client portfolios. A recent survey conducted by TMX Vetta Fi revealed that 57% of advisors are planning to boost their allocations in crypto ETFs, with a primary focus on crypto equity ETFs.
According to a spokesperson, “We are dedicated to developing investment products and solutions that cater to the evolving preferences and needs of our clients, alongside providing education and support.”
Clients have shown an increasing interest in tax-advantaged options for trading and holding crypto, as shared by a source familiar with the discussions.
The firm already offers a selection of crypto exchange-traded funds, enabling investors to track the performance of digital assets without directly investing in them. Recently, they filed to have a Solana ETF listed on the Cboe Exchange.
UPDATE (April 2, 16:15 UTC): The first paragraph has been corrected to indicate that the plan was launched on Wednesday, not Thursday, and to clarify the custody of the assets by Fidelity Digital Assets.