Fidelity Investments, an American asset management company, has submitted an application to market Ethereum spot ETF in the US.
The Securities and Exchange Commission (SEC) has received an application from American investment management company Fidelity Investments to list its Ethereum spot Exchange Traded Fund (ETF) product.
Fidelity Investments is currently the seventh asset manager in the US, moving toward the product with this filing. Additional asset managers that have submitted to list Ethereum spot ETFs are VanEck, Ark Invest and 21Shares, Grayscale, Invesco and Galaxy Digital, Hashdex and Nasdaq, and BlackRock, in that order.
The Ethereum ETF from Fidelity
The Fidelity Ethereum ETF is called the “Fidelity Ethereum Fund” and is claimed to track Ethereum’s performance, according to Form 19b-4 filed with the SEC. If authorized, the ETF will trade in accordance with the BZX Rule, according to the company.
According to the filing, Fidelity Investments is leading the charge in the cryptocurrency ETF revolution, and this action is intended to protect the interests of US investors genuinely. Fidelity said in its filing:
“To this point, approval of spot ETH ETP would represent a major win for the protection of U.S investors in the crypto asset space”
Using the Ethereum ETF, Fidelity Investments broadened the overall thesis advanced by advocates of such products, implying that investors are unduly predisposed to accept cryptocurrency in the lack of a regulated pathway.
Citing a passage from the decision in the Grayscale v. SEC lawsuit, Fidelity Investments expressed confidence in getting approval. The court decided that the SEC had no justification for rejecting Grayscale’s attempt to turn its well-known Bitcoin Trust into a full-fledged Bitcoin Exchange Traded Fund product because BTC-linked futures had already received approval.
