Asset management giant, Fidelity, has submitted an application to the United States Securities and Exchange Commission (SEC) for an Ethereum exchange-traded fund (ETF).
Fidelity, which manages $4.5 trillion in assets, made this move just days after BlackRock filed its application for the iShares Ethereum Trust. The filing was made on November 17, 2023.
The proposed Fidelity Ethereum Fund seeks to list and trade shares on the Cboe BZX Exchange. The firm argues that current methods of accessing Ethereum involve counter-party risk, legal uncertainty, and technical risk, and that U.S. investors lack a low-risk avenue for exposure to ETH.
Fidelity is not alone in its pursuit of an Ethereum ETF. Among the firms that have applied for a similar product are VanEck, 21Shares & ARK, Hashdex, Grayscale, and Invesco & Galaxy. BlackRock also officially filed for a spot Ether ETF, the iShares Ethereum Trust, with the SEC on Nov. 16.
The filing follows the approval of the first European spot Bitcoin ETF, the Jacobi Bitcoin ETF, which was listed on the Euronext Amsterdam stock exchange back in August.
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