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Fidelity's Charity Arm Raised $28M in Crypto Donations Last Year
The 2020 crypto totals beat 2019's tally of $13 million, but the amount fell short of 2018's $30 million.
Fidelity Charitable, the charity arm of the mutual fund giant, raised $28 million in cryptocurrency donations in 2020, more than double the amount raised the previous year.
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- Fidelity Charitable's "2021 Giving Report," released Wednesday, reveals crypto donations made up only a tiny fraction of the $1.6 billion in so-called "non-publicly traded assets" amassed during 2020.
- The 2020 crypto totals beat 2019's tally of $13 million, but the amount fell short of 2018's $30 million and was well below the record $69 million haul Fidelity Charitable brought in 2017.
- Fidelity touts its crypto giving program as a tax workaround, allowing crypto holders to put their coins – mostly bitcoin – to good use without incurring capital gains.
- The charitable arm issued $9.1 billion in grants last year, accepted donations from more than 250,000 donors and reported a 6% increase in grant size year-over-year, in spite of the pandemic.
Read more: Fidelity’s Charity Arm Has Received Over $100 Million in Crypto Donations
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
