Fidelity Joins BlackRock in Race for Ethereum ETF - Decrypt
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.