Now Fidelity is also in the race for Ethereum spot ETF hype
Fidelity joined BlackRock, as the company applied for an Ethereum spot ETF product.
Fidelity Investments is an American multinational financial services corporation based in Boston, Massachusetts. In 1946, this firm was founded by Edward C. Johnson II. This company operates a brokerage firm, manages a large family of mutual funds, and provides fund distribution and investment advice, retirement services, index funds, wealth management, securities execution and clearance, asset custody, and life insurance. All these services of this firm are available globally.
On 18 Nov 2023, Fidelity Investment filed for an Ethereum spot ETF application with the United States Securities and Exchange Commission (SEC).
To support this ETF application, Fidelity chose Coinbase as a custodian.
Following this report, the trade price of Ethereum (ETH) surged 0.5%.
The current trade price of ETH is 26% higher over the last 30 days of trade price.
Four days ago, giant fund manager firm BlackRock filed for Ethereum spot ETF product with the SEC.
— Cointelegraph (@Cointelegraph) November 16, 2023
JUST IN: @BlackRock filed the S-1 prospectus for its Spot Ethereum ETF with the @SECGov.
The filing, among other things, appoints @Coinbase as the Custodian for the underlying ETH. pic.twitter.com/q01BbD7W2I
The surging competition among the major Wall Street companies to launch Ethereum spot ETF is creating a very good sentiment for the trade price of ETH coin.
Notably it will not easy for such Ethereum spot ETF applications to get approval from the SEC because currently, nearly 10 Bitcoin spot ETF applications are in queue to get approval.
In the past couple of years, the SEC body rejected all the Bitcoin spot ETF applications but in the present time, the SEC body is under huge pressure to approve these applications because three months ago in a court ruling the court judge ordered the SEC body to review Grayscale’s Bitcoin spot ETF application which was rejected by the SEC body.
According to ETF analysts & experts, the SEC body may approve multiple Bitcoin spot ETF applications within the next three months. On the other hand few people believe it will not take more than 1 month to get approval from the SEC.
Read also: US presidential candidate Ramaswamy says majority of the cryptocurrencies are Commodity
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