Crypto News

Fidelity Joins Ethereum ETF Race Following BlackRock’s Move

Big news in the finance world! Fidelity Investments, the financial powerhouse, is diving into the Ethereum Exchange-Traded Fund (ETF) competition by filing a 19b-4 with the Chicago Board Options Exchange (CBOE). And guess what? They’re not alone—BlackRock, another heavy hitter, threw their hat in the ring just a day before.

The scoop is, Fidelity is seeking the SEC’s nod to launch an ETF specifically tailored to hold Ethereum. Their goal? To mirror the performance of Ether, using the Fidelity Ethereum Index as the benchmark. This move aligns with a growing trend, with BlackRock and others eyeing the ETF potential for Ethereum.

ETF guru James Seyffart spilled the beans on Twitter, highlighting Fidelity as the seventh contender in the Ethereum ETF showdown. They join the ranks of Hashdex, BlackRock, Grayscale, VanEck, and 21Shares/ARK, all vying for the coveted spot.

The SEC, after putting the brakes on Bitcoin ETF decisions from Franklin Templeton and Global X, now faces heightened attention with Ethereum ETF applications. Among the contenders, BlackRock stands out, boasting a colossal size and a wealth of experience, managing assets exceeding a staggering $9.4 trillion.

Fidelity’s move underscores a growing acknowledgment of Ethereum’s significance in the financial landscape. This ETF pursuit signals confidence in Ethereum’s potential. As the regulatory puzzle unfolds, industry watchers are glued to these developments, anticipating the entry of heavyweight institutions into the Ethereum investment arena.

The delayed decisions on Bitcoin ETFs add another layer of complexity to the regulatory dance around crypto-focused financial products. Stay tuned for how this Ethereum ETF saga unfolds!

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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