Fidelity Digital Assets vs Bakkt — Head-to-Head Custody Comparison

An independent, data-driven comparison of Fidelity Digital Assets and Bakkt across security, insurance, fees, regulatory compliance, and more.

Verdict

Quick Verdict

Fidelity Digital Assets scores 8.4 vs Bakkt's 7.0. Fidelity Digital Assets leads in 6 of 8 categories.

Fidelity Digital Assets is better suited for Institutional investors, RIAs, Family offices. Bakkt is better suited for Institutions, Financial services companies, Fintechs.

8.4

Very GoodCustody Score

Fidelity Digital Assets

GoodCustody Score

Bakkt

Scores

Score Comparison

Weighted scores across all 8 custody criteria.

Criterion	Weight	Fidelity Digital Assets	Bakkt	Winner
Security	20%	9.5	8.0	Fidelity Digital Assets
Insurance	15%	9.5	6.0	Fidelity Digital Assets
Regulatory	15%	10.0	8.5	Fidelity Digital Assets
Fee Transparency	10%	5.0	7.0	Bakkt
Track Record	15%	9.0	7.0	Fidelity Digital Assets
Withdrawal Flexibility	10%	7.0	6.5	Fidelity Digital Assets
Reporting & Audit	10%	9.0	7.5	Fidelity Digital Assets
Counterparty Diversification	5%	2.0	2.0	Tie
Overall Score	100%	8.4	7	Fidelity Digital Assets

Visual

Score Radar

Visual overlay of Fidelity Digital Assets and Bakkt across all categories.

Fidelity Digital AssetsBakkt

Deep Dive

Category-by-Category Analysis

A deeper look at how each provider performs in every scoring criterion.

Security (9.5 vs 8.0)

Fidelity Digital Assets uses HSM-based cold storage key management with Vast majority cold in cold storage and regular penetration testing. Compliance: SOC 2 Type 2. Incident history: No incidents.

Bakkt uses Cold storage with multi-zone physical security key management with Majority cold in cold storage and regular penetration testing. Compliance: SOC 2 (details not fully public). Incident history: No custody incidents. Company has faced financial challenges (stock price decline)..

Insurance (9.5 vs 6.0)

Fidelity Digital Assets offers Up to $1B reported via Major insurance carriers. One of the highest insurance coverage amounts in the industry. Exact terms available to institutional clients.

Bakkt offers $125M reported (as of 2019, may have changed) via Not publicly confirmed recently. Insurance details less transparent than competitors. Originally claimed $125M coverage.

Regulatory (10.0 vs 8.5)

Fidelity Digital Assets holds New York State Trust Charter (Fidelity Digital Assets, National Association) and is a qualified custodian operating in United States. Fidelity Digital Assets, National Association is a national trust bank chartered by the OCC. Parent company Fidelity Investments is one of the most regulated financial institutions globally.

Bakkt holds NYDFS Qualified Custodian (Bakkt Trust Company LLC) and is a qualified custodian operating in United States. Bakkt Trust Company LLC is a New York State-regulated qualified custodian. Parent ICE/NYSE provides institutional gravitas.

Fee Transparency (5.0 vs 7.0)

Fidelity Digital Assets charges Contact for pricing (competitive institutional rates) in annual custody fees with 1% spread on Fidelity Crypto retail platform per transaction. Retail Fidelity Crypto charges 1% spread. Institutional custody pricing is separate and negotiable.

Bakkt charges 0.10% AUM/month for BTC (1.2% annually). 0.20% AUM/month for ETH. in annual custody fees with Varies per transaction. $100/month minimum fee. Higher annual rate than most competitors.

Track Record (9.0 vs 7.0)

Fidelity Digital Assets was founded in 2018 and is headquartered in Boston, MA. AUM: Not publicly disclosed (Fidelity overall: $14T+). Incident history: No incidents.

Bakkt was founded in 2018 and is headquartered in Alpharetta, GA. AUM: Not publicly disclosed. Incident history: No custody incidents. Company has faced financial challenges (stock price decline)..

Withdrawal Flexibility (7.0 vs 6.5)

Fidelity Digital Assets withdrawal fees: Contact for pricing. Minimum account: Institutional only — contact for details. Supported assets: Bitcoin, Ethereum.

Bakkt withdrawal fees: Network fees. Minimum account: Contact for pricing. Supported assets: Bitcoin, Ethereum.

Reporting & Audit (9.0 vs 7.5)

Fidelity Digital Assets: SOC compliance is SOC 2 Type 2. As a qualified custodian, it meets SEC reporting requirements.

Bakkt: SOC compliance is SOC 2 (details not fully public). As a qualified custodian, it meets SEC reporting requirements.

Counterparty Diversification (2.0 vs 2.0)

Fidelity Digital Assets is a qualified custodian provider. Key management: Proprietary cold storage using HSMs in secure, geographically distributed facilities..

Bakkt is a qualified custodian provider. Key management: Warehouse-grade cold storage with multi-zone physical security..

Fees

Fee Comparison

Side-by-side fee breakdown for Fidelity Digital Assets and Bakkt.

Fee Type	Fidelity Digital Assets	Bakkt
Setup Fee	Contact for pricing	Contact for pricing
Annual Custody	Contact for pricing (competitive institutional rates)	0.10% AUM/month for BTC (1.2% annually). 0.20% AUM/month for ETH.
Transaction	1% spread on Fidelity Crypto retail platform	Varies
Withdrawal	Contact for pricing	Network fees

Fidelity Digital Assets: Retail Fidelity Crypto charges 1% spread. Institutional custody pricing is separate and negotiable.

Bakkt: $100/month minimum fee. Higher annual rate than most competitors.

Features

Feature Comparison

Checklist of features across both providers.

Feature	Fidelity Digital Assets	Bakkt
24/7 operational support	✓	✗
24/7 response support	✗	✓
Consumer wallet solutions	✗	✓
Crypto rewards and loyalty programs	✗	✓
Dedicated institutional trading desk	✓	✗
Fidelity Wise Origin Bitcoin Fund (FBTC) custody	✓	✗
ICE/NYSE pedigree	✗	✓
Institutional-grade cold storage	✓	✗
Integration with Fidelity's broader financial ecosystem	✓	✗
Publicly traded (BKKT)	✗	✓
Regulatory reporting	✓	✗
Warehouse-grade cold storage	✗	✓

Recommendation

Who Should Choose Which?

Fidelity Digital Assets is better if you…

✓Are a institutional investors
✓Are a rias
✓Are a family offices
✓Are a pension funds
✓Want: Backed by Fidelity — $14T+ AUM parent company
✓Want: Up to $1B insurance coverage — industry-leading
✓Want: National trust bank charter (OCC regulated)

Bakkt is better if you…

✓Are a institutions
✓Are a financial services companies
✓Are a fintechs
✓Are a merchants
✓Want: Owned by ICE (NYSE parent) — unmatched traditional finance pedigree
✓Want: NYDFS qualified custodian
✓Want: Publicly traded — financial transparency

FAQ

Frequently Asked Questions

Is Fidelity Digital Assets or Bakkt better for Bitcoin custody?

Fidelity Digital Assets scores 8.4 vs 7.0 in our weighted Custody Score. Fidelity Digital Assets leads in 6 of 8 scoring categories. However, the best choice depends on your specific needs: Fidelity Digital Assets is best for Institutional investors and RIAs, while Bakkt suits Institutions and Financial services companies.

What is the difference between Fidelity Digital Assets and Bakkt?

Fidelity Digital Assets is a qualified custodian provider, while Bakkt is a qualified custodian provider. Fidelity Digital Assets excels in Regulatory, whereas Bakkt is strongest in Regulatory.

How do Fidelity Digital Assets and Bakkt fees compare?

Fidelity Digital Assets charges Contact for pricing (competitive institutional rates) annual custody fees with 1% spread on Fidelity Crypto retail platform transaction fees. Bakkt charges 0.10% AUM/month for BTC (1.2% annually). 0.20% AUM/month for ETH. annual custody fees with Varies transaction fees.

Which is more secure, Fidelity Digital Assets or Bakkt?

Fidelity Digital Assets scores 9.5/10 for security while Bakkt scores 8.0/10. Fidelity Digital Assets uses HSM-based cold storage key management, and Bakkt uses Cold storage with multi-zone physical security.