Fidelity files for Ethereum ETF spot
$4.5 trillion asset manager Fidelity has filed an S-1 form for the Spot Ethereum ETF including staking. Indeed, the formal registration statement was filed on Wednesday with the U.S. Securities and Exchange Commission (SEC) for the Fidelity Ethereum Fund hopeful.
The success of investment products has many people asking about the next cryptocurrency. That decision seems simple enough, with many expecting Ethereum to be the most likely outcome. Now, Fidelity, the issuer of the Spot Bitcion ETF, has filed for a spot Ethereum ETF with the SEC that includes staking.
The asset manager initially applied for the Ethereum ETF spot in November last year. It joined firms such as BlackRock, VanEck, ARK Invest and several others. The most filed states that the Fidelity Ethereum Fund will issue shares that trade on the Chicago Board Options Exchange (CBOE) and include staking.
The prospects of Ethereum receiving a spot ETF remain questionable. The SEC has reportedly engaged in a legal campaign that threatens the security status of ETH. However, GrayScale's chief legal officer, Craig Salm, spoke confidently about the impending approvals.
Specifically, he noted that the Spot Bitcion ETF decision saw “all of these issuers” being sought out by both sides. As a result, he notes that the process will be less complicated because the only difference is the assets the ETF holds. However, only time will tell whether the SEC will continue its stance against Ethereum.