Fidelity Files For Ether ETF, Matching BlackRock's Move In Cryptocurrency Market

Benzinga

Published Nov 17, 2023 23:57

Updated Nov 18, 2023 01:10

Fidelity Files For Ether ETF, Matching BlackRock's Move In Cryptocurrency Market

Benzinga - Fidelity Investments on Friday filed for the creation of an exchange-traded fund (ETF) that would specifically hold Ether (CRYPTO: ETH).

This move aligns Fidelity with its competitor BlackRock (NYSE: BLK), showcasing a growing commitment to cryptocurrency.

The proposed Fidelity Ethereum Fund, if approved, would be listed on an exchange operated by Cboe Global Markets. The launch of this ETF hinges on the U.S. Securities and Exchange Commission's (SEC) decision, which is also considering a similar application from BlackRock revealed earlier in the month.

The Fidelity filing notes the recent court ruling involving Grayscale, where the court criticized the SEC for its inconsistent stance on cryptocurrency ETFs.

Also Read: Crypto Lobbysists Spent Over $56M On Lobbying In 2023: Did It Make A Difference?

The court noted the SEC's failure to provide a coherent rationale for rejecting spot crypto ETFs while allowing those based on futures.

This development signals a potential shift in the landscape of cryptocurrency investments, as major financial institutions increasingly seek to integrate digital assets into traditional investment products.

The decision of the SEC on these ETFs, including Fidelity's, is poised to have a considerable impact on the future of crypto investments and the broader acceptance of digital assets in the financial world.

Read Next: How Did A Trio Pull Off A $10M Bank Fraud Using Crypto?

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Get The App
Join the millions of people who stay on top of global financial markets with Investing.com.
Download Now

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Sign out
Are you sure you want to sign out?
NoYes
CancelYes
Saving Changes