Fidelity International has acquired a stake in BC Technology Group, one of Asia’s biggest digital asset platforms for professional investors.
Boston-based American multinational financial services, Fidelity Investments is one of the largest asset managers with over $7 trillion in assets under management and over 1.3 million trades processed each day. The asset manager officially entered the crypto industry in 2018 with the launch of Fidelity Digital Assets (FDA).
In 2014, Fidelity’s the first foray in the crypto industry was through initial research and the following year it launched a blockchain incubator. FDA has been its first step towards providing a full-service enterprise-grade platform for trading, storing, and supporting eligible digital assets.
Just before the weekend, Fidelity acquired an HK$110.5 million (($14.2 million) stake in the OSL operator. The 17 million shares of BC Technology has been bought by the investment manager for an average price per share of HK$6.50 as of Feb.12, as per a Hong Kong stock exchange filing.
With this, Fidelity has become a shareholder of 5.6% in BC Technology Group Ltd.
“We’re excited to see that world-class equity investors are increasingly participating in the fast-growing digital asset sector, and we look forward to reaching new milestones with our industry-leading institutional investors,” said Hugh Madden, CEO of BC Group.