Fidelity’s charity arm, Fidelity Charitable, said late last month that it has received more than $100 million in cryptocurrency donations since 2015.
In total, more than $106 million worth of cryptocurrencies has been granted to Fidelity Charitable since it first began accepting this form of donation, according to the firm’s annual report published late last month.
Year over year, however, the number of crypto donations has dropped.
In 2017, cryptocurrencies represented the fastest-growing asset type accepted by the firm, with more than $69 million in donations. The pace has slowed in 2018 to $30 million in donations, according to the annual report.
“We see cryptocurrency donations rise along with increases in the value of cryptocurrencies in the marketplace,” said a company representative.
Likewise, Fidelity Charitable marketing head Amy Pirozzolo, said now that cryptos are facing a downturn people are less likely to offload them as charitable assets. This is related to the diminishing value of tax deductions charitable donors would be able to claim.