“American Investment Firm Seeks Approval for Ethereum ETF“
Fidelity Investments is going full steam ahead with its application to list its Ethereum spot Exchange Traded Fund (ETF) product with the Securities and Exchange Commission (SEC). As the 7th asset manager to do so in the United States, Fidelity joins VanEck, Ark Invest, 21Shares, Hashdex, Nasdaq, Grayscale, Invesco, Galaxy Digital, and BlackRock in filing for Ethereum spot ETFs.
Fidelity’s Filing with the SEC
The Fidelity Ethereum ETF, also known as the “Fidelity Ethereum Fund,” is designed to track the performance of Ethereum and will trade in compliance with the BZX Rule. Fidelity’s move is aimed at protecting U.S. investors in the crypto asset space, addressing the absence of a regulated avenue to embrace crypto that puts investors at a disadvantage.
Fidelity’s Confidence in Approval
Fidelity Investments is expressing confidence in securing approval for its Ethereum ETF by citing a legal ruling in the Grayscale versus SEC case, which ordered a review of the SEC’s decision. This move signals Fidelity’s commitment to the approval of crypto ETFs.
Fidelity’s Influence in the Market
With $4.5 trillion in Assets Under Management (AUM) and substantial resources, Fidelity’s application is expected to be given the green light by the SEC. The presence of Fidelity and BlackRock has also increased projections for the approval odds of a spot Bitcoin ETF by January, which are now estimated at 90%.
“Hot Take: Fidelity’s Push for Ethereum ETF Approval“
Fidelity Investments’ application for an Ethereum spot ETF with the SEC is a significant move in the crypto investment landscape. With its influence and resources, Fidelity is leading the charge for approved crypto ETFs, setting the stage for more institutional embrace of cryptocurrencies. This could potentially open up the market for more investors and drive further integration of cryptocurrencies into the mainstream financial system.
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