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Fidelity Files For Ether ETF, Matching BlackRock's Move In Cryptocurrency Market

Published 17/11/2023, 23:57
Updated 18/11/2023, 01:10
© Reuters.  Fidelity Files For Ether ETF, Matching BlackRock's Move In Cryptocurrency Market

Benzinga - Fidelity Investments on Friday filed for the creation of an exchange-traded fund (ETF) that would specifically hold Ether (CRYPTO: ETH).

This move aligns Fidelity with its competitor BlackRock (NYSE: BLK), showcasing a growing commitment to cryptocurrency.

The proposed Fidelity Ethereum Fund, if approved, would be listed on an exchange operated by Cboe Global Markets. The launch of this ETF hinges on the U.S. Securities and Exchange Commission's (SEC) decision, which is also considering a similar application from BlackRock revealed earlier in the month.

The Fidelity filing notes the recent court ruling involving Grayscale, where the court criticized the SEC for its inconsistent stance on cryptocurrency ETFs.

Also Read: Crypto Lobbysists Spent Over $56M On Lobbying In 2023: Did It Make A Difference?

The court noted the SEC's failure to provide a coherent rationale for rejecting spot crypto ETFs while allowing those based on futures.

This development signals a potential shift in the landscape of cryptocurrency investments, as major financial institutions increasingly seek to integrate digital assets into traditional investment products.

The decision of the SEC on these ETFs, including Fidelity's, is poised to have a considerable impact on the future of crypto investments and the broader acceptance of digital assets in the financial world.

Read Next: How Did A Trio Pull Off A $10M Bank Fraud Using Crypto?

Photo: Shutterstock

© 2023 Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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