{"id":183790,"date":"2023-11-18T13:38:58","date_gmt":"2023-11-18T13:38:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=183790"},"modified":"2023-11-18T13:38:58","modified_gmt":"2023-11-18T13:38:58","slug":"ethereums-big-moment-after-blackrock-fidelity-seeks-sec-greenlight-for-spot-ether-etf","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/ethereum\/ethereums-big-moment-after-blackrock-fidelity-seeks-sec-greenlight-for-spot-ether-etf\/","title":{"rendered":"Ethereum\u2019s Big Moment: After BlackRock, Fidelity Seeks SEC Greenlight For Spot Ether ETF"},"content":{"rendered":"

Financial services behemoth Fidelity Investments is seeking SEC approval to create its exchange-traded fund (ETF) that would hold ETH, the native token of the Ethereum network. Fidelity\u2019s application comes a day after BlackRock filed an S-1 form with the SEC for its spot Ethereum ETF.<\/p>\n

SEC Receives Fidelity\u2019s Spot Ether ETF Application<\/strong><\/h2>\n

Fidelity has joined BlackRock in the race for a spot-based ether ETF.<\/p>\n

In a Nov. 17 filing with the U.S. Securities and Exchange Commission (SEC), Fidelity said the ETF aims to \u201ctrack the performance of Ether, as measured by the performance of the Fidelity Ethereum Index.” The index symbolizes the U.S. dollar price of ETH based on trading activity across major ether trading platforms.<\/p>\n

\u201cAccording to the Registration Statement, each Share will represent a fractional undivided beneficial interest in the Trust\u2019s net assets. The Trust\u2019s assets will consist of ETH held by the Custodian on behalf of the Trust,\u201d the filing reads.<\/p>\n

The Fidelity Ethereum fund\u2019s shares would trade on the Cboe BZX Exchange under the ticker symbol ETHF.<\/p>\n

<\/p>\n

“They are the seventh filer for spot Ethereum,” Bloomberg Intelligence analyst James Seyffart posited on the X platform, citing previous filings from BlackRock, Grayscale, Ark Invest, Invesco & Galaxy, VanEck, and Hashdex.<\/p>\n

Why ETF Approval Would Be A Big Deal<\/strong><\/h2>\n

Crypto enthusiasts keenly await an SEC approval of one or more ETF applications as the SEC has been reluctant to approve one, often citing possible market manipulation as the biggest risk factor.<\/p>\n

According to optimists, ETFs that hold BTC or ETH, the market\u2019s largest cryptocurrencies, could drastically shake up the crypto market as they could ease mainstream investors’ path into digital assets.<\/p>\n

Fidelity noted in the filing that U.S. investors lack a \u201cregulated, U.S. exchange-traded vehicle to gain exposure to ETH\u201d. The giant financial firm further argued that existing venues for gaining exposure to the token entail encountering counter-party risk, legal uncertainty, and technical risk. \u201cMeanwhile, investors in other countries… are able to use more traditional exchange-listed and traded products,” Fidelity continued.<\/p>\n

To this end, Fidelity believes approval of a spot ether ETF would represent a \u201cmajor win for the protection of U.S. investors in the crypto asset space.\u201d<\/p>\n

Fidelity submitted paperwork for a spot Bitcoin ETF in June, shortly after BlackRock took the big leap.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Financial services behemoth Fidelity Investments is seeking<\/p>\n","protected":false},"author":3,"featured_media":183789,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48],"tags":[],"yoast_head":"\nEthereum\u2019s Big Moment: After BlackRock, Fidelity Seeks SEC Greenlight For Spot Ether ETF - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/ethereum\/ethereums-big-moment-after-blackrock-fidelity-seeks-sec-greenlight-for-spot-ether-etf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ethereum\u2019s Big Moment: After BlackRock, Fidelity Seeks SEC Greenlight For Spot Ether ETF - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Financial services behemoth Fidelity Investments is seeking\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/ethereum\/ethereums-big-moment-after-blackrock-fidelity-seeks-sec-greenlight-for-spot-ether-etf\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-18T13:38:58+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/11\/Ethereums-Big-Moment-After-BlackRock-Fidelity-Seeks-SEC-Greenlight-For-Spot-Ether-ETF.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/ethereum\/ethereums-big-moment-after-blackrock-fidelity-seeks-sec-greenlight-for-spot-ether-etf\/\",\"url\":\"https:\/\/precoinnews.com\/ethereum\/ethereums-big-moment-after-blackrock-fidelity-seeks-sec-greenlight-for-spot-ether-etf\/\",\"name\":\"Ethereum\u2019s Big Moment: After BlackRock, Fidelity Seeks SEC Greenlight For Spot Ether ETF - 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