Fidelity Joins the Race: Files for Ethereum ETF Approval Amid Growing Competition
Fidelity noted that US investors need a proper avenue to get exposure to cryptocurrency assets....
- Fidelity, a renowned financial giant with $4.5 trillion in assets under management, has filed for a spot Ethereum exchange-traded fund (ETF).
- The Fidelity Ethereum Fund will be listed and traded on the Cboe BZX Exchange, with each share representing a fractional undivided beneficial interest in the Trust's net assets consisting of ETH.
- This move comes after BlackRock filed for a spot ETH ETF, and Fidelity previously filed for a spot Bitcoin ETF.
- Fidelity highlights the lack of a low-risk avenue for US citizens to expose themselves to ETH and digital assets, comparing the situation with Europe where investors have access to regulated exchange-traded products.
- Fidelity's proposal aims to address fraudulent and manipulative practices and protect US investors in the crypto asset space.
The sentiment of the article is positive, as it highlights Fidelity's efforts to provide a proper avenue for US investors to access cryptocurrency assets and protect them from fraudulent practices.