Financial giant Fidelity is seeking approval to place a portion of its Ether (ETH) holdings in a proposed spot exchange-traded fund (ETF) to provide additional income to investors.

In its 19b-4 amendment filed with the SEC on March 18, #Fidelity wrote that if the #ETF is approved, the fund would place an undisclosed amount of its assets through one or more trusted betting providers.
From time to time, the sponsor may place a portion of the fund's assets through one or more trusted betting providers, which may include affiliates of the sponsor ("betting providers").
However, Fidelity does not disclose specific betting providers. There are currently several Ether betting providers in the market, including Lido DAO, RocketPool and StakeWise.
According to TradingView, the price of Lido DAO, the largest Ether betting provider, temporarily rose 6% from $2.48 to $2.56 on the news before falling to $BTC However, Lido DAO's price has fallen 27% over the past week amid a general decline in Ether and many of the tokens in its ecosystem.
Fidelity is one of eight fund issuers that have applied to create an Ether ETF, which is currently awaiting SEC approval.
On Feb. 8, #Ark 21Shares also added plans to invest a portion of its fund in #ETH . A few days later, Franklin Templeton also joined the spot ETF race with the intention of including ETH in an ETF to generate additional income.
They were joined by the world's largest investment firm BlackRock, Katie Wood's ARK Invest and crypto asset manager Grayscale.
If the SEC doesn't approve all eight ETFs by May 23, the entire list of potential issuers will have to reapply at a later date.
Bloomberg ETF analyst Eric Bartunas believes there is only a 35% chance that the Ether ETF will be approved by Van Eck's May deadline.

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