Michael Saylor, the co-founder of MicroStrategy, has announced that the company is seeking to partner with Fidelity Investments to enable its employees benefit from a retirement plan that incorporates Bitcoin.
Saylor said that Microstrategy looks forward to becoming the first public company that would take advantage of the offering which was announced by Fidelity on April 26. The Workplace Assets Digital Account is a retirement account of Fidelity Investments that invests a portion of the worker’s funds in Bitcoins.
According to Saylor,
“MicroStrategy looks forward to working with Fidelity to become the first public company to offer their employees the option to invest in bitcoin as part of our 401(k) program,” said Michael Saylor, Chairman and CEO of MicroStrategy. “Teaming with companies like Fidelity that are innovating in bitcoin for corporations is important to us, as is furthering the development of the bitcoin ecosystem for institutional investors.”
A Businesswire post states that the offering will be made available to Microstrategy worker by the middle of the year, effectively making it a part of the company’s 401(k) plan.
The release stated that the incorporation of a Bitcoin investment plan as a part of the worker’s 401(k) plan is an extension of Fidelity’s suite of investment options. This provides a holistic investment option for the staff of interested employers.
MicroStrategy looks forward to working with @DigitalAssets to become the first public company to offer their employees the option to invest in bitcoin as part of our 401(k) program.https://t.co/Za33yj82Qv
— Michael Saylor⚡️ (@saylor) April 26, 2022
The company started operations in the digital assets investment sphere in 2014 through its Fidelity Digital Assets (FDA) launched in 2018. Prior to that, it operated as a Bitcoin mining and blockchain exploration company in 2014. Its private Bitcoin custodial and investment business was designed for accredited investors.
Dave Gray, Fidelity’s Head of Workplace Retirement Offerings and Platforms said that the company is excited to be the first to expose workers to a retirement investment plan that incorporates the blockchain technology. Gray said that the workplace digital assets account reflects the company’s commitment to expanding the scope of its services in the evolving assets space.
