Fidelity invests in Hong Kong cryptocurrency operator BC Group

After the latest capital injection, mutual fund giant Fidelity Investments currently holds 6.29% of BC Technology Group.

Fidelity Investments, one of the world's largest asset management companies, has invested more money in a Hong Kong cryptocurrency operator, providing another bullish indicator for the evolution of the global digital asset market.

According to an exchange document obtained by Singapore's "Business Times", Fidelity purchased 6.29% of the company's shares after investing US$6.71 million in BC Technology Group. The Business Times pointed out that Fidelity increased its investment in the company, but did not specify the initial investment amount.

Prior to this, BC Technology Group raised 697 million Hong Kong dollars ($89.9 million) through "filling allotments". Soon after this, Fidelity announced that it would increase its 6.29% stake in the company.

BC Technology Group is the operator of OSL, a popular cryptocurrency exchange that recently obtained a license from the Securities and Futures Commission (SFC) of Hong Kong. On December 15, 2020, BC Technology Group stated at a press conference that OSL was “the first in the world to obtain an SFC license and be listed, provide digital asset insurance, and be audited by the Big Four accounting law firms and serve as an institution and A digital asset trading platform that provides services for professional investors."

Fidelity has made a series of strategic investments in the cryptocurrency market, including expanding its custody services in Asia through a partnership with Singaporean cryptocurrency startup Stack Funds.

Fidelity, led by Abigail Johnson, positions itself as a pioneer in the adoption of cryptocurrencies. Recognizing the potential value of digital assets, Fidelity has been investing in Bitcoin (BTC) since 2014.

Fidelity’s early investments in Bitcoin and Ethereum (ETH) seem to have paid off today, as both assets have won a higher position in institutional finance and the global monetary system. Just last week, the total market value of all cryptocurrencies surpassed US$1 trillion for the first time, and finally reached a high of around US$1.2 trillion.