Fidelity also applies for Ethereum ETF

After BlackRock, now Fidelity. The asset manager makes me want to enter the race for an Ethereum ETF. But who has the edge?

The race for an Ethereum spot ETF is in full swing. Now Fidelity, the world's third-largest asset manager, is also stepping in and filing an application with the Securities and Exchange Commission (SEC). If all goes smoothly, the financial product will be launched at the CBOE in Chicago.

Fidelity is optimistic

With the application, Fidelity wants to offer U.S. investors a less risky way to invest in Ethereum. The letter states, "U.S. retail investors have no regulated exchange-traded instrument (ETF) to invest in ETH." Previous investment opportunities were weighed down by legal and technical uncertainties. This is evidenced, for example, by the bankruptcies of FTX, Celsius and BlockFi, according to Fidelity. "Alf there had been a spot ETF for Ethereum, at least some of the billions of U.S. dollars tied up in these proceedings would have been available in brokerage accounts of U.S. investors", the asset manager continued.

Seven applications

The application for an Ethereum ETF comes just days after a move by BlackRock. The world's largest asset manager filed its own application with the SEC late last week. In all, there are seven applications with the U.S. securities regulator from companies such as: Van Eck, 21Shares, Ark Invest and Grayscale. Final approval is still pending.

Meanwhile, the crypto space continues to eagerly await the admission of a Bitcoin Spot ETF. In recent weeks, there have been increasing indications that a financial product could soon make its debut in the US. Again, there are several well-known candidates. BlackRock is again in pole position.m Again, a final decision has yet to be made. Market experts assume that the SEC will probably not give the green light until the spring of 2024, but with permits for multiple providers.