Fidelity Joins Race for Spot Ethereum ETF Approval
Key Takeaways
- Fidelity files with the SEC for an Ethereum ETF, following a similar filing by BlackRock.
- The proposed Fidelity Ethereum Fund aims to provide U.S. investors with regulated exchange trading exposure to Ethereum.
- Fidelity’s move marks the seventh Ether ETF in the U.S., reflecting growing mainstream interest in cryptocurrency investing.
fidelityGlobal asset management company has entered the cryptocurrency exchange-traded fund (ETF) competition. Seeking regulatory approval for a spot Ethereum (ETH) ETF..
This move is: BlackRock’s Similar Plan This indicates growing interest in cryptocurrency investment products among major asset managers.
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Fidelity submitted the following documents to the U.S. Securities and Exchange Commission (SEC) on November 17: Fidelity Ethereum Fund listed on Cboe BZX exchange.
The goals of the proposed fund are to: It provides a regulated, publicly traded vehicle for U.S. investors to gain exposure to Ethereum., which addresses the lack of low-risk investment options in the cryptocurrency market for U.S. citizens. In particular, the submission reads:
According to the registration statement, each share represents a partial, undivided beneficial interest in the net assets of the Trust. The assets of the trust consist of ETH, which is held by the custodian on behalf of the trust.
Fidelity’s documents Highlighted the advantages of such funds, which focuses on the counterparty, legal, and technical risks associated with current digital asset investment methods. The company also pointed out the following: European investors already have access to regulated products. On existing exchangesYou can invest in a variety of cryptocurrencies.
This announcement was made the next day by BlackRock, another asset management company. Filed with SEC Spot Ether ETF — iShares Ethereum Trust.
BlackRock previously Registered iShares Ethereum Trust with the Corporation Division of Delaware.And about 6 months ago Apply for Spot Bitcoin ETF.
Fidelity’s applications allow you to Seventh company joins US Ether ETF raceFollowing other well-known companies such as VanEck, 21Shares and ARK Invest, Hashdex, Grayscale and Invesco Galaxy.
The growing interest from major financial institutions highlights the growing mainstream acceptance and demand for cryptocurrency-based investment products.
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