Fidelity Investments is to issue and record shares for the Fidelity Treasury Digital Fund on the Ethereum blockchain.
In a submission to the Securities and Exchange Commission on Friday (21 March), the US asset management group outlined plans to launch an “OnChain” Ethereum-based share class for the money market fund.
While the asset manager intends to record share issuances on the blockchain network, it will also maintain traditional records that will act as the official ledger. Records will be reconciled daily.
Treasuries held within the fund will not be tokenised despite blockchain technology being used to record securities.
The new “OnChain” share class will have a minimum initial investment of $1m and is scheduled to launch on 30 May 2025, according to the regulatory filing.
“The blockchains used by the transfer agent for the OnChain class will store the complete transactional history from the issuance of the shares, and this transactional history is available to the public,” the manager wrote in its submission.
“As a result, robust and transparent data, other than shareholder personal identifying information, will be publicly available through one or more block explorer tools capable of displaying activity on the applicable blockchain network.
“Accordingly, the shares’ issuance and redemption data (and not a shareholder’s personal identifying information) will be exposed to the public.”
