Fidelity's Charity Arm Raised $28M in Crypto Donations Last Year

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 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