Fidelity’s Latest Strategic Move: Filing for a Spot Ethereum ETF
Fidelity, a well-known American financial services corporation, has recently filed for a Spot Ether ETF, following its refiling for a spot Bitcoin ETF. This move signals the company’s commitment to expanding its presence in the cryptocurrency market.
Filer Identity Confirmed: Cboe BZX Exchange Inc.
The application has been legitimately filed by Cboe BZX Exchange Inc., a major U.S. equities market operator. The filing proposes the listing and trading of shares for the Fidelity Ethereum Fund under BZX Rule 14.11, Commodity-based Trust Shares. The filing has been signed by Kylie Murray, the VP and Associate General Counsel at Cboe Global Markets. Sarah Tadtman, Senior Counsel, is designated to respond to SEC inquiries.
BlackRock’s Comparable Moves Intensify Competition
BlackRock has intensified the competition by submitting proposals for spot Bitcoin and Ethereum ETFs mirroring Fidelity’s filings. With assets under management of $9 trillion, BlackRock’s entry into the ETF market further heightens competition.
Fraud Prevention and Market Integrity: Key Objectives
The proposed filing aims to combat fraudulent and manipulative practices, uphold just and equitable trade principles, foster cooperation in securities transactions, and enhance market mechanisms. This initiative underscores the commitment to safeguard investors and enhance market integrity.
Hot Take: Fidelity and BlackRock’s Duel in the Crypto ETF Space
The race for a spot Bitcoin and Ethereum ETFs between Fidelity and BlackRock showcases the growing interest of traditional financial institutions in the cryptocurrency market. This competition is a testament to the potential of cryptocurrencies to become mainstream investment options, and it will be interesting to see how these developments shape the future of the ETF market.
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