Fidelity, a huge player in asset management with $4.5 trillion under management, has made a daring move. The company submitted an S-1 form to the US Securities and Exchange Commission (SEC) for a Spot Ethereum Exchange-Traded Fund (ETF). This filing, made on Wednesday, points to Fidelity’s plans to launch the Fidelity Ethereum Fund with staking features.

Fidelity Pioneers with New Ethereum ETF Proposal

The move follows the SEC’s historic greenlight of the first Spot Bitcoin ETF in America that was granted earlier this year. Fidelity was one of the first 11 issuers to get the green light for a Spot Bitcoin ETF, highlighting the advent of digital asset investment products. Approval became an essential factor in the success of Bitcoin as the value of the digital currency hit $73,000 in March 2024, a new record.

The success of Spot Bitcoin ETFs has created enormous interest in the next cryptocurrency that will be treated similarly. Number two in market capitalization, Ethereum became one of the leading candidates. The most recent filing by Fidelity depicts a substantial effort in making a Spot Ethereum ETF a reality and, hence, a strong drive by the firm to expand the offering of digital assets.

Industry Giants Eye Ethereum for Next ETF

An Ethereum Spot ETF has been seen as a possibility that people await and doubt due to the continuous assessment of the SEC over the security status of Ethereum. In spite of these difficulties, industry experts, including the chief legal officer of GrayScale, Craig Salm, are hopeful about future approvals. Salim referred to the earlier case when the Spot Bitcoin ETF was approved, indicating an easier way for Ethereum ETF applications.

Fidelity’s proposal for the Fidelity Ethereum Fund describes the ETF’s plans to issue shares that will trade on the Chicago Board Options Exchange (CBOE), as well as staking mechanisms. This effort is not Fidelity’s first Ethereum exchange-traded fund trial. In November of last year, these traders joined BlackRock, VanEck, and Ark Invest, who also filed for a Spot Ethereum ETF. The filing in the recent past underlines the ongoing interest of Fidelity in innovative investment products within the cryptocurrency space.

Read Also: 21Shares Introduces Toncoin ETP, Will This Trigger TON Rally?

The post Just In: Fidelity Moves with S-1 Filing for Ethereum ETF Featuring Staking appeared first on CoinGape.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed