Fidelity Joins Race For A Spot Ethereum ETF
Fidelity, a prominent asset management firm with over $4.5 trillion in assets under management, has formally submitted an application for the...
- Fidelity has applied for the establishment of a Spot Ethereum Exchange-Traded Fund (ETF) in response to BlackRock's application for an Ethereum ETF.
- Fidelity would be the seventh asset management firm in the US to pursue this product.
- The ETF, called the "Fidelity Ethereum Fund," would track the performance of Ethereum and trade according to the BZX Rule.
- Each share would represent a portion of the net assets of the Fidelity ETH Fund, with ETH held by the New York Department of Financial Services making up the Trust's assets.
- Spot ETFs are important for expanding cryptocurrency access to average investors.
- Fidelity's application could have a significant impact on the cryptocurrency landscape.
- Ethereum's price has seen a 6.2% increase in the last week.
- Fidelity is optimistic about receiving permission based on a court ruling in the Grayscale-SEC legal battle.
- Fidelity has expressed admiration for Ethereum and its potential for further expansion.
The overall sentiment of the article is positive, highlighting Fidelity's application for a Spot Ethereum ETF and its potential impact on the cryptocurrency market.