Fidelity Files for Spot Ethereum ETF as ETH Adoption Surges

Two financial giants have filed applications this week seeking regulatory approval to launch Ethereum exchange-traded funds (ETFs) in the United States.

First came the news yesterday that BlackRock, the world’s largest asset manager with nearly $10 trillion in assets under management, filed an S-1 registration with the Securities and Exchange Commission (SEC) for a spot Ethereum ETF.

And now today, Fidelity Investments, another Wall Street behemoth managing over $4.5 trillion in client assets, has announced it too has submitted an application for a Fidelity Spot Ethereum Trust ETF.

If approved, both the BlackRock and Fidelity ETFs would give institutional investors and financial advisors mainstream investment vehicles to gain exposure to Ethereum’s price movements, bypassing the complexities and security concerns of directly purchasing and holding the cryptocurrency.

The filings are seen as bullish signals for the future of cryptocurrency as an established asset class. As Wall Street heavyweights move to launch Ethereum investment products, billions if not trillions of new dollars could flow into the second largest cryptocurrency by market cap.

Ethereum was trading around $1,959 at the time of Fidelity’s announcement. The prospect of securing SEC approval for the first ever spot ETFs has buoyed investor sentiment and could help accelerate ETH’s climb higher in price.

Regulatory decisions on the BlackRock and Fidelity ETF applications are pending, but many crypto proponents believe early 2024 could be the period the SEC finally embraces spot Bitcoin and Ethereum investment vehicles. That would unleash a new tide of mainstream adoption and help further legitimize the crypto sector.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!