Financial services giant Fidelity Investments is seeking regulatory approval to launch an exchange-traded fund (ETF) that would hold the Ethereum cryptocurrency, according to a Thursday filing with the Securities and Exchange Commission. The ETF, called the Fidelity Ethereum Fund, would track the price of Ethereum, the native token of the Ethereum blockchain network. This filing follows the submission of an Ethereum ETF application by BlackRock the day before. The ETF’s shares would trade on the Cboe BZX Exchange under the ticker symbol ETHF. The ETF aims to provide U.S. retail investors with a U.S. regulated, U.S. exchange-traded vehicle to gain exposure to Ethereum. The SEC has typically required surveillance-sharing agreements between an ETF’s listing exchange and the underlying spot market for an asset, and it remains unclear if the SEC views the ether futures market, which launched in 2021, as mature enough to meet that standard. Fidelity, which manages over $11 trillion in customer assets, has been growing its cryptocurrency business, launching institutional cryptocurrency trading and custody services in 2018. Other asset managers including Invesco and Galaxy Digital have also filed for crypto ETFs this year. #FidelityETF #EthereumETF #CryptoETF #SECApproval
You can read more about this topic here: Decrypt: Fidelity Joins BlackRock in Race for Ethereum ETF
