Fidelity seeks green light for Ethereum ETF following BlackRock filing
Asset management firm Fidelity, which oversees $4.5 trillion in assets, has become the latest company to receive approval for a spot Ethereum (ETH) exchange-traded fund (ETF).
In a November 17 filing with the United States Securities and Exchange Commission (SEC), Fidelity Fidelity Ethereum Fund proposed to list and trade its shares on the Cboe BZX exchange.
“According to the registration statement, each share represents an undivided beneficial interest in a fraction of the net assets of the trust. Trust assets include ETH held by the custodian on behalf of the trust.”
UPDATE: @Fidelity joins #ethereum ETF race with @CBOE filing 19b-4 pic.twitter.com/o96XspPDEP
— James Seyff (@JSeyff) November 17, 2023
The filing argues that US citizens do not have a low-risk way to expose themselves to ETH.
“US retail investors lacked a US-regulated, US-exchanged vehicle to gain exposure to ETH.”
He further argued that the existing methods of accessing the digital assets involve anti-party risk, legal uncertainty and technical risks.
This follows recent news that BlackRock officially filed with the SEC on November 16th for a spot ether ETF, the iShares Ethereum Trust.
Related: BlackRock Argues SEC Has No Reason to Treat Crypto Futures and ETFs Differently
BlackRock's filing comes a week after it registered the iShares Ethereum Trust with Delaware's Division of Corporations and six months after it filed for the spot Bitcoin ETF.
This is a developing story, and more information will be added as it becomes available.
