According to a recent filing with the U.S. SEC, Fidelity Investments, which launched in 2018 a subsidiary named Fidelity Digital Assets in 2018, now offers the Ethereum Index Fund, which provides exposure to Ether (ETH), the second-largest cryptocurrency by market capitalization.

On October 3rd, Bitwise Asset Management announced the launch of a new exchange-traded fund (ETF,) which allows both institutional and retail inventors to benefit from Web3 growth. Bitwise said in a statement that this marks "the next wave of the internet's development characterized by greater decentralization and individual ownership of data.”

The co-founder and chief strategy officer of bankrupt crypto lender Celsius has stepped down, according to an internal memo viewed by CNBC. S. Daniel Leon’s departure was announced on Tuesday, and his exit comes just a week after the company’s CEO, Alex Mashinsky, submitted a letter of resignation.

Top stories in the Crypto Roundup today:

• Fidelity Adds to Crypto Offerings With Ethereum Index Fund
• Bitwise Asset Management Launches Web3 ETF
• Embattled Crypto Lender Celsius Loses Another Top Executive

Fidelity Adds to Crypto Offerings With Ethereum Index Fund

Asset management giant, Fidelity Investments, which launched in 2018 a subsidiary named Fidelity Digital Assets in 2018 (in order to offer crypto custody and trade execution services to institutional investors), now offers the Ethereum Index Fund, which provides exposure to Ether (ETH), the second-largest cryptocurrency by market capitalization.

The fund has raised around $5 million since sales began on September 26th, according to a filing with the U.S. Securities and Exchange Commission (“SEC”). The minimum investment is $50,000.

Fidelity’s new Ethereum Index Fund is only accessible to accredited investors and will track the performance of the Fidelity Ethereum Index PR benchmark through passive, direct ownership of Ether. This is the second fund launched by Fidelity Digital Assets, following the launch of the Wise Origin Bitcoin Index Fund in 2020. 

“As the marketplace for digital assets grows, Fidelity recognizes the need for a diverse set of products and solutions that help customers gain exposure in a manner that aligns with their distinct financial objectives and risk tolerance. We have continued to see client demand for exposure to digital assets beyond bitcoin,” a Fidelity spokesperson told CoinDesk in an email.

Bitwise Asset Management Launches Web3 ETF

On October 3rd, Bitwise Asset Management announced the launch of a new exchange-traded fund (ETF) which would allow both institutional and retail inventors to benefit from Web3 growth. Bitwise said in a statement that this marks "the next wave of the internet's development characterized by greater decentralization and individual ownership of data.”

The ETF, which is traded under the ticker BWEB, tracks the Bitwise Web3 Equities Index, with over 85% exposure to companies directly linked to Web3 business activities. This includes companies involved in building Web3 infrastructure, finance, metaverse and digital worlds, and the Web3-enabled creator economy.

Hunter Horsley, Bitwise's CEO, said: “The Bitwise Web3 ETF seeks to capitalize on this great opportunity by offering investors of innovation a straightforward way to access the space. It also leverages our expertise in crypto—the cornerstone of Web3—as many of these companies are centering their businesses on blockchain technology. We’re looking forward to seeing their anticipated continued growth as the space unfolds.” 

According to Wikipedia, Web3 is “an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.”

Embattled Crypto Lender Celsius Loses Another Top Executive

The co-founder and chief strategy officer of bankrupt crypto lender Celsius has stepped down, according to an internal memo viewed by CNBC. S. Daniel Leon’s departure was announced on Tuesday, and his exit comes just a week after the company’s CEO, Alex Mashinsky, submitted a letter of resignation.

Lior Koren, who previously operated as the company’s global tax director, will take over the role. Celsius confirmed Leon’s resignation in an email to CNBC. 

Celsius, the once popular cryptocurrency lender, filed for Chapter 11 bankruptcy in July with a $1.2 billion hole in its balance sheet. The firm, which is based in Hoboken, New Jersey, made headlines after it froze customer accounts during periods of volatility, preventing them from accessing their funds. 

Prior to the freeze, Celsius was one of the largest crypto lending platforms with more than $8 billion in loans to clients and almost $12 billion in assets under management. However, behind the scenes, Celsius was lending users’ funds to those willing to pay a higher yield, according to internal documents shared with CNBC.

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