Fidelity's Ethereum Holdings Hit $697 Million after Receiving $39.6 Million from Coinbase, Cumberland

IconCryptoNewsTerminal Staff30 Jul, 2024

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Fidelity's Ethereum Holdings Hit $697 Million after Receiving $39.6 Million from Coinbase, Cumberland

Fidelity, a global asset manager and issuer of Bitcoin and Ethereum (ETH) spot ETFs, has been accumulating ETH steadily. According to ScopeScan, in the past 24 hours, Fidelity received 12K ETH (approximately $39.6 million) from prominent crypto market makers Cumberland and Coinbase. This recent acquisition adds to Fidelity's already considerable ETH holdings. The company now holds 209K ETH, valued at roughly $697 million. Fidelity's growing interest in ETH signals their confidence in the cryptocurrency's long-term potential. The crypto market has witnessed a significant increase in institutional adoption lately. Fidelity's latest purchase further reinforces this trend, indicating the growing recognition of digital assets as a legitimate investment class.

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