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.
- Fidelity Charitable’s “2021 Giving Report,” released Wednesday, reveals crypto donations still comprise 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 fell short of 2018’s $30 million and well below the record $69 million haul Fidelity Charitable brought in 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 over 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