Fidelity Joins BlackRock in Pursuit of Spot Ethereum ETF Approval
Summary:
Fidelity, a leading asset management firm, has recently applied to the US Securities and Exchange Commission for approval to offer a spot Ethereum (ETH) exchange-traded fund (ETF). This comes close on the heels of BlackRock's similar filing for a spot Ethereum ETF, showing an increased interest in cryptocurrency in the financial market. More updates on this developing story will follow.
Fidelity, the powerhouse in asset management with $4.5 trillion assets, is the most recent entity seeking authorization for an Ethereum (ETH) exchange-traded fund (ETF) offered on a spot basis. In a recent submission to the United States Securities and Exchange Commission (SEC) on November 17, Fidelity suggested offering and trading Fidelity Ethereum Fund shares via the Cboe BZX Exchange. The filing indicates that each share epitomizes a fractional, undivided beneficial stake in the Trust's total assets, which will chiefly include Ethereum managed by a custodian, acting on behalf of the Trust.
These developments came on the heels of BlackRock's declaration that it has formally submitted for a spot Ether ETF, dubbed the iShares Ethereum Trust, to the SEC on November 16. This move by BlackRock happened not long after the company registered the iShares Ethereum Trust with the Delaware’s Division of Corporations, standing almost half a year after their initial application for a spot Bitcoin ETF. This news report is currently in progress and will be updated as more data becomes available.
Published At
11/17/2023 11:47:43 PM
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