Fidelity to allow clients to invest in bitcoin through their 401(k) accounts

Fidelity Investments will allow its clients to allocate part of their retirement savings to bitcoin.

The company, which manages some $4.2 trillion in assets, said on Tuesday that it plans to permit investors to add a bitcoin account in their 401(k)s, so long as their employers allow it. The Wall Street Journal was first to report the news.

Reports suggest the new functionality could be rolled out as soon as the summer of this year.

Management fees for the bitcoin account will range between 0.75% and 0.90%, with the exact amount depending on the amount invested and the employer, plus an as yet undisclosed additional fee, per reports.

Fidelity was among the first global financial institutions to wade into the crypto market. It launched a digital assets arm focused on custody and execution services in October 2018.

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