Fidelity Joins BlackRock in Race for Ethereum ETF - Decrypt


17 Nov 2023 11:07 PM

The firm, which manages over $11 trillion in customer assets, has been growing its cryptocurrency business since 2018....

  • Fidelity Investments is seeking regulatory approval to launch an exchange-traded fund (ETF) that would hold Ethereum.
  • The proposed Fidelity Ethereum Fund would track the price of ether, the native token of the Ethereum blockchain network.
  • The ETF's shares would trade on the Cboe BZX Exchange under the ticker symbol ETHF.
  • Fidelity aims to provide a regulated and exchange-traded vehicle for U.S. retail investors to gain exposure to Ether.
  • The proposed Ethereum ETF would face regulatory hurdles similar to previous attempts at bitcoin ETFs.
  • Fidelity has been growing its cryptocurrency business and has already launched institutional cryptocurrency trading and custody services.
  • Other asset managers, including Invesco and Galaxy Digital, have also filed for crypto ETFs this year.

The sentiment of the article is generally positive, as it highlights Fidelity's efforts to launch an Ethereum ETF and the potential benefits it could bring to mainstream investors.

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You May Ask

What is Fidelity seeking regulatory approval for?What would the proposed Fidelity Ethereum Fund track?Where would the ETF's shares trade?Why do cryptocurrency proponents argue for a spot ETF?Which other asset managers have filed for crypto ETFs this year?

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