Fidelity's OCC-supervised trust bank for bitcoin, ether and SOL custody and trading
Fidelity Digital Assets is the digital asset custody and trading business of Fidelity Investments. Fidelity began researching bitcoin and blockchain technology in 2014, then announced the unit in October 2018 under founding head Tom Jessop, aiming first at institutional investors such as hedge funds and family offices. Client services started in 2019. FMR LLC, the parent of Fidelity Investments, sought the business's national bank charter, and Mike O'Reilly is president of Fidelity Digital Assets.
The charter conversion approved by the OCC included moving the main office from New York to Boston, where Fidelity lists an office at 245 Summer Street. Further offices sit in London and at Citywest Business Campus in Dublin, and a U.K. arm, Fidelity Digital Assets, Ltd, was announced in December 2019. Fidelity Digital Assets, N.A. is the bitcoin custodian for the Fidelity Wise Origin Bitcoin Fund (FBTC), which held 174,383 BTC on June 30, 2026.
Fidelity lists offline, cold-vaulted storage across multiple sites and a multi-tiered approval structure among its custody controls. The April 2026 FBTC prospectus says the custodian generally targets more than 98% of assets in cold wallets, spread across redundant, geographically distributed sites that include locations in the U.S.
Private keys are created in key generation ceremonies on devices that have never been connected to the internet. Backups are geographically dispersed, and rebuilding a single key requires access to multiple locations. Clients can trade without moving assets out of cold storage. An independent auditor conducts SOC 1 Type II and SOC 2 Type II audits of the custodian every year.
NYDFS granted Fidelity Digital Asset Services, LLC a New York limited purpose trust charter in 2019. On December 12, 2025, the OCC announced its approval for FMR LLC to convert that trust company into Fidelity Digital Assets, National Association, a national trust bank. According to Sidley, which represented FMR, the bank plans to offer custody, trade execution, staking and asset management and to issue a stablecoin under the GENIUS Act. SEC filings since February 2026 name the custodian as Fidelity Digital Assets, N.A., formerly Fidelity Digital Asset Services, LLC, and the April 2026 FBTC prospectus says it is subject to OCC supervision.
In the U.K., Fidelity Digital Assets, Ltd is registered with the Financial Conduct Authority under the Money Laundering Regulations for certain cryptoasset activities, which the Financial Ombudsman Service and the Financial Services Compensation Scheme do not cover. The FBTC prospectus says any insurance obtained by or for the custodian is solely for the custodian's benefit, and that no third-party insurance is held on behalf of the fund's bitcoin accounts.
Execution uses smart order routing across a multi-venue liquidity network, with 23/7 trading and real-time trade settlement. Hedge funds and proprietary trading firms can settle off exchange. A collateral agent service, launched in 2021, lets clients borrow cash from third-party lenders against bitcoin held at Fidelity.
Supported assets are bitcoin, ether (added in 2022) and SOL (added in 2025). Since February 2026 the bank has issued the Fidelity Digital Dollar (FIDD), an Ethereum stablecoin that eligible customers can buy and redeem for $1. Reserves are held at BNY and managed by Fidelity Management & Research. PricewaterhouseCoopers examines the monthly reserve reports. U.S. individuals reach the same trading and custody platform through Fidelity Crypto accounts, and advisors through Fidelity Crypto for Wealth Managers.
A fit for institutions that want an OCC-supervised custodian owned by Fidelity and hold bitcoin, ether or SOL. The asset list is short, and Fidelity's own Solana ETF uses outside custodians to hold and stake its SOL.
The OCC charter is the main reason to choose Fidelity Digital Assets. Allocators get a federally supervised national trust bank owned by Fidelity Investments, with client operations dating to 2019 and the bitcoin of Fidelity's own spot ETF on its books. The FBTC prospectus is specific about key ceremonies, offline key generation and cold storage targets, which gives fund boards and auditors concrete controls to test against the annual SOC reports.
Trading from custody suits hedge funds. Orders fill without assets leaving cold storage, and off-exchange settlement means a fund does not have to park balances on an exchange to trade. The collateral agent service adds a route to cash loans while the pledged bitcoin stays at Fidelity.
Coverage is the obvious limit. Fidelity lists custody and execution for three networks, so funds holding other tokens need a second custodian. Fidelity's own Solana ETF names three outside custodians, including Anchorage Digital Bank and Coinbase Custody Trust Company, to hold and stake its SOL. FBTC also signed BitGo Bank & Trust as an additional custodian in February 2026, though the sponsor said it had no plans to move bitcoin there. Staking is listed among the bank's planned activities in the OCC conversion.
Loss recovery is another trade-off. The FBTC prospectus warns that the custodian's liability is limited, which could impair the fund's ability to recover losses relating to its bitcoin. Accounts of the charter's status also differ: Fidelity's site and SEC filings since February 2026 describe an operating national trust bank under OCC supervision, while an August 2026 note from law firm Davis Wright Tremaine listed Fidelity Digital Assets among applicants still awaiting final OCC approval.
Fidelity Digital Assets suits RIAs, pensions, endowments and corporate treasurers that hold bitcoin or ether and want a bank-chartered custodian owned by Fidelity. Trading firms and funds with long token lists will find it too narrow on its own.
| Custody model | Qualified custodian · unverified |
|---|---|
| Clients | Institutions, Funds, Corporates, High-net-worth, Retail · unverified |
| Regulated | Yes · unverified |
| SOC 2 report | Yes · unverified |
| Licenses & charters | OCC national trust bank charter (US), FCA MLR cryptoasset registration (UK) · unverified |
| Cold storage | Yes · unverified |
Not disclosed by the provider: KYC required, Insurance, Assets supported, Staking, API access, MPC, Qualified custodian.
Data from the provider's website and public sources, checked Oct 28, 2026. Fees and availability change; confirm on the official site before you sign up.
Offline, cold-vaulted storage across multiple sites sits behind a multi-tiered approval structure.
Smart order routing across multiple venues fills trades without moving assets out of cold storage.
Hedge funds and proprietary trading firms can settle trades away from exchanges, with 23/7 trading and real-time settlement.
Since 2021 clients can pledge bitcoin held at Fidelity as collateral for cash loans from third-party lenders.
Eligible customers can buy and redeem the Ethereum-based Fidelity Digital Dollar from the bank for $1 per token.
Bitcoin, ether and SOL custody at Fidelity Digital Assets, N.A., a national trust bank subject to OCC supervision.
Multi-venue execution with smart order routing, 23/7 trading and real-time trade settlement.
Collateral accounts for third-party lending, plus Fidelity Crypto for Wealth Managers for advisors.
The Fidelity Digital Dollar (FIDD), issued by the bank since February 2026 with reserves held at BNY.
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Custody is held at Fidelity Digital Assets, National Association, which the April 2026 FBTC prospectus describes as a national trust bank subject to OCC supervision. The same bank is the bitcoin custodian for the Fidelity Wise Origin Bitcoin Fund.
In the U.S., the custody bank is supervised by the OCC after converting from a New York trust company that NYDFS chartered in 2019; the OCC announced approval of the conversion on December 12, 2025. In the U.K., Fidelity Digital Assets, Ltd is registered with the FCA under the Money Laundering Regulations.
Fidelity lists custody and execution for bitcoin, ether (added in 2022) and SOL (added in 2025). The bank also issues the FIDD stablecoin on Ethereum.
It is part of Fidelity Investments, and FMR LLC applied for its national bank charter. Mike O'Reilly is president of Fidelity Digital Assets.
For FBTC, the prospectus says any insurance obtained by or for the custodian is solely for the custodian's benefit, and no third-party insurance is held on behalf of the fund's bitcoin accounts.
FBTC's quarterly report shows 174,383 BTC held by the custodian on June 30, 2026, down from 188,144 BTC on March 31, 2026.
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