- Fidelity filed for a spot Ethereum ETF that includes staking, seeking SEC approval after Bitcoin ETFs were approved earlier this year.
- Fidelity originally filed last November, joining other big financial firms seeking an Ethereum ETF. The new filing would trade on CBOE and include staking rewards.
- While the SEC has threatened Ethereum’s security status recently, some believe approvals are imminent since the SEC worked through issues with Bitcoin ETFs already. It remains to be seen if the SEC will approve Fidelity’s Ethereum ETF filing.
Fidelity has filed for a spot Ethereum ETF that includes staking, joining several other big financial firms seeking approval from the SEC. This comes on the heels of the successful launch of spot Bitcoin ETFs earlier this year.
Fidelity Files for Spot Ethereum ETF
Fidelity, the $4.5 trillion asset management firm, has filed an S-1 form for a spot Ethereum ETF with the SEC. The filing, made on Wednesday, seeks approval for the proposed Fidelity Ethereum Fund.
Earlier this year, the SEC approved the first spot Bitcoin ETFs in the US, with Fidelity being among the first 11 issuers. This has proven to be a big boost for the broader digital asset market. Many predicted an Ethereum ETF would follow.
Details of Fidelity’s Filing
Fidelity originally filed for a spot Ethereum ETF in November 2021, joining BlackRock, VanEck, ARK Invest and others.
The new filing states the Fidelity Ethereum Fund would trade on CBOE and include staking rewards.
Staking allows Ethereum holders to earn rewards for helping validate transactions on the network. Including staking could make the ETF more attractive to investors.
Will the SEC Approve an Ethereum ETF?
The SEC has reportedly threatened Ethereum’s security status in recent litigation. However, Grayscale’s Craig Salm believes approvals are imminent.
Salm notes the SEC worked through issues with Bitcoin ETF issuers, so the process should be less exhaustive for Ethereum since the only difference is the underlying asset.
Nevertheless, it remains to be seen if the SEC maintains its tough stance on Ethereum and whether Fidelity’s filing will be approved. The possibility of an Ethereum ETF is exciting many investors.
