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Crypto Gifts Surge 1,082% at Fidelity’s Philanthropic Powerhouse

  • Donors can avoid capital-gains tax on non-cash investments
  • Largest U.S. grant-maker has faced scrutiny as assets balloon

As cryptocurrencies boomed last year, boosting the wealth of investors in the asset class, so did the amount of philanthropic gifts made with digital tokens.

Fidelity Charitable, the largest grant-maker in the U.S., received $331 million in digital assets last year through its donor-advised funds, or DAFs, a nearly 12-fold increase from the $28 million it got in 2020, according to a report released Tuesday. Bitcoin accounted for 88% of crypto donations, followed by Ether at 11%.