Fidelity files Ethereum spot ETF, trailing BlackRock by two days
Fidelity Investments has filed for a spot Ethereum exchange-traded fund (ETF), a filing with the Securities and Exchange Commission (SEC) on November 17 shows.
Cboe BZX submitted a 19b-4 filing outlining a proposed rule change that would allow it to list and trade shares of Fidelity’s planned fund. The new Ethereum proposal closely resembles Fidelity’s spot Bitcoin ETF proposal, submitted to the SEC in late June.
Fidelity’s two filings follow similar requests from the company’s main competitor, BlackRock. BlackRock submitted an S-1 filing for its Ethereum spot ETF just a few days ago, on November 15, and filed for its Bitcoin spot ETF months earlier in June.
The tight timing between competing filings may be explained by the exceptionally high reputation of each asset manager. BlackRock is the world’s largest asset manager, with $9 trillion in assets under management. Fidelity, meanwhile, is the third largest asset manager in the world, with $4.2 trillion in assets under management.
Other companies have pending applications
Several other asset managers have also filed for their own Bitcoin spot ETFs and Ethereum spot ETFs following the high-profile filings above.
The SEC is expected to approve or reject a Bitcoin ETF by January 10, 2024. This decision concerns a one-time Bitcoin application from ARK Invest, which submitted its application in May – about a month before BlackRock submitted its most recent filing. influential. The SEC could apply its decision to other pending ETF applications, many of which are intentionally similar to each other, in order to meet the expected requirements.
Although the SEC evaluates all Ethereum spot ETFs separately from Bitcoin spot ETFs, approval of one type of fund may pave the way for the other.
It’s worth noting that while the SEC has yet to approve any Bitcoin or Ethereum spot ETFs, it has approved futures ETFs of both types in recent months and years.
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