Fidelity Joins Race For A Spot Ethereum ETF


18 Nov 2023 7:24 AM

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.

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