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Fidelity has decided to join rival BlackRock and double down on crypto, filing for a spot Ethereum exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC).

Fidelity and BlackRock are also locked in a race for a spot Bitcoin ETF, something that could change crypto investing in the United States permanently.

Fidelity Files For Spot Ethereum ETF

Fidelity has become the latest financial giant to file for a spot Ethereum exchange-traded fund, according to a filing with the Securities and Exchange Commission on the 17th of November. The filing, submitted by Cboe BZX, described a proposed rule change that would allow it to list and trade shares of Fidelity’s planned ETF. The proposal closely resembles Fidelity’s spot Bitcoin ETF proposal, submitted to the Securities and Exchange Commission in June.

The Fidelity Ethereum Fund would be listed by an exchange owned by Cboe Global Markets. However, the United States Securities and Exchange Commission must decide whether to approve the Ethereum ETF. It still needs to approve other applications, such as the one from asset manager BlackRock, revealed earlier this month. BlackRock had submitted an S-1 filing for its spot Ethereum ETF just a couple of days ago, on the 15th of November, while applying for a spot Bitcoin ETF back in June.

Other ETF Applications

Fidelity and BlackRock are not the only ones who have applied for spot Bitcoin and spot Ethereum ETFs. Several other asset managers and financial institutions are also in the fray to get their spot Bitcoin and Ethereum EFTs approved by the Securities and Exchange Commission. The SEC is expected to approve or reject a Bitcoin ETF by the 10th of January, 2024. The decision involves a spot Bitcoin application by ARK Invest, whose application was submitted in May. This was a month before BlackRock’s own Bitcoin ETF application filing.

The SEC could also apply whatever decision it took for the ARK Invest Bitcoin ETF application to other pending applications. These applications are intentionally similar to one another in an effort to meet expected requirements. While the Securities and Exchange Commission will evaluate s

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Author: Amara Khatri

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