Financial services giant Fidelity Investments is seeking regulatory approval to launch an exchange-traded fund (ETF) that would hold the Ethereum cryptocurrency, according to a Thursday filing with the Securities and Exchange Commission. The filing comes a day after BlackRock submitted its own Ethereum ETF application.

The proposed Fidelity Ethereum Fund would track the price of Ethereum, the native token of the Ethereum blockchain network. The ETF’s shares would trade on the Cboe BZX Exchange under the ticker symbol ETHF.

Fidelity said the ETF aims “to seek to track the performance of Ether, as measured by the performance of the Fidelity Ethereum Index.” The index represents the U.S. dollar price of ether based on trading activity across major ether trading platforms.

“They are the seventh filer for spot Ethereum,” Jaymes Seyffart, ETF research analyst, wrote on Twitter, noting earlier filings by BlackRock, Grayscale, 21Shares/ARK, VanEck, and Hashdex.

BlackRock is the most notable applicant, bringing with it the scale and expertise necessary to manage more than $9.4 trillion in assets. Hashdex Go to Source to See Full Article
Author: Decrypt Staff

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