Fidelity joins the race for Ethereum ETF, submitting its proposal shortly after BlackRock, as industry giants vie for crypto ETF approvals.
Fidelity Files for Spot Ethereum ETFFollowing its earlier application for a Bitcoin ETF, Fidelity Investments has submitted a proposal for an Ethereum ETF to the U.S. Securities and Exchange Commission. The request, which was submitted on November 17, shows that Fidelity is looking to extend its bitcoin offers.
This application came just days after BlackRock, the world's largest asset manager filed for its Ethereum ETF. Fidelity, the third largest asset manager with $4.2 trillion in assets under management, competes with BlackRock in this market.
Following in the footsteps of these industry titans, numerous additional asset managers are applying for their own Bitcoin and Ethereum ETFs.
Future SEC Decisions
The SEC's decision on a Bitcoin ETF, which is expected by January 10, 2024, could have an impact on other similar ETF applications. While Ethereum ETFs are assessed seperately, approval of one type of both ETFs may be a boost for others. The SEC has already approved Bitcoin and Ethereum futures ETFs.