Fidelity Investments, a financial services giant managing more than $11 trillion in client assets, has filed for regulatory approval to launch an exchange-traded fund (ETF) that would hold Ethereum.
The proposed Fidelity Ethereum fund would track the price of Ethereum and trade on the Cboe BZX exchange under the symbol ETHF. The ETF aims to track the performance of Ether, as measured by the Fidelity Ethereum Index.
Fidelity's move comes as the Securities and Exchange Commission (SEC) faces pressure to approve a spot Bitcoin ETF. Other asset managers, including BlackRock, Grayscale and VanEck, have also filed for crypto ETFs.
Fidelity has been growing its cryptocurrency business since 2018, offering institutional cryptocurrency trading and custody services.
