Spot Ethereum ETF Filing Spree Continues as Fidelity Becomes the 7th Entrant

Crypto News– Fidelity Investments, a well-established player in the world of financial management, has officially applied to an Ethereum exchange-traded fund (ETF). The news was shared by James Seyffart, a prominent ETF analyst, who posted a snapshot of the filing on his X app account.

Spot Ethereum ETF Filing Spree Continues as Fidelity Becomes the 7th Entrant

In the disclosed details, it was revealed that Fidelity’s proposal involves listing and trading shares of the Fidelity Ethereum Fund under BZX Rule 14.11(e)(4) Commodity-Based Trust Shares. This move positions Fidelity as the seventh company to take the plunge into the world of spot Ethereum ETFs, joining the ranks of VanEck, 21Shares, Ark, Hashdex, Grayscale, Invesco, Galaxy, and BlackRock.

According to Seyffart, Fidelity plans to list its Ethereum ETF on an exchange operated by Cboe Global Markets. However, similar to its counterparts, Fidelity’s proposal is contingent on approval from the Securities and Exchange Commission (SEC). Notably, Fidelity, along with other major financial institutions, is eagerly awaiting the SEC’s decision on spot Bitcoin ETF proposals.

Enthusiasts in the crypto space see the potential approval of spot ETFs for Bitcoin and Ethereum—two of the most prominent cryptocurrencies—as a catalyst for significant market changes. The prevailing belief is that such approvals would democratize the market, providing easier access for mainstream investors to participate in this innovative financial landscape.