$4.5 trillion asset manager Fidelity has officially filed for a Spot Ethereum ETF. The move follows asset manager BlackRock, who filed their Ethereum ETF application last week. The official SEC filing recognizes Fidelity as responsible for the Trust’s Ether, while Delaware Trust company is the Trustee.
If approved, Fidelity will provide Spot Ethereum ETF services to its clients. Thus, new institutional clients can open the gates to the cryptocurrency market.
According to the Registration Statement, each Share will represent a fractional
undivided beneficial interest in the Fidelity ETH Fund’s net assets. The Trust’s assets will consist of ETH held by the New York Department of Financial Services on behalf of the Fidelity Ethereum Fund.
Spot ETFs dramatically broaden access to crypto for average investors, which has been a growing mission amongst asset managers like BlackRock, Grayscale, and others for months. However, the SEC has been avidly battling against it. Bitcoin and Ethereum are two of the top cryptocurrencies on the market in terms of trade volume and value. Similarly to Bitcoin, Ethereum may see a large value jump in the next 24 hours following the news of Fidelity’s application.
Also Read: Fidelity Labels Bitcoin Most Secure and Decentralized Crypto
Fidelity has been outspoken in its praise for Ethereum. The firm’s Director of Research, Chris Kuiper, recently discussed how the digital asset has started to gain ground and how it could continue to grow in the coming years. Fidelity’s Spot Ethereum ETF application further shares the firm’s optimism that ETH will be in the future of mass transactions.