Ethereum

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<p style="text-align: justify">American asset management company Fidelity Investments has applied to the US Securities and Exchange Commission (SEC) to offer a spot exchange-traded fund (ETF) for altcoin king Ethereum (ETH). With this application, Fidelity Investments became the 7th asset management company in the US to take action for Ethereum. Among the other asset management companies that have applied to offer a spot Ethereum ETF to the SEC are VanEck, Ark Invest and 21Shares, Hashdex and Nasdaq, Grayscale, Invesco, Galaxy Digital, and BlackRock.</p>
<h2 style="text-align: justify" id="details-of-fidelity-investments-spot-ethereum-etf-submitted-to-the-sec">Details of Fidelity Investments’ Spot Ethereum ETF Submitted to the SEC</h2>
<p style="text-align: justify">According to the form 19b-4 submitted by Fidelity Investments to the SEC, the spot Ethereum ETF is called “Fidelity Ethereum Fund” and is designed to track the price of Ethereum. If approved, the ETF will trade in accordance with the BZX Rule.</p>
<p><img decoding="async" class="aligncenter size-full wp-image-278369" src="https://coin-turk.com/wp-content/uploads/2023/11/Ethereum-ETH-Altcoin-ETF.jpeg" alt="" width="1280" height="720"></p>
<p style="text-align: justify">Fidelity Investments, at the forefront of the cryptocurrency ETF revolution, stated in its application that it was designed to truly protect the interests of investors in the US. In the application, Fidelity Investments stated, “The approval of a spot ETH ETF to this point would be a great achievement for the protection of US investors in the cryptocurrency sector.” Furthermore, the asset management company used its spot Ethereum ETF to expand on the general argument put forward by advocates of the relevant products and emphasized the fact that the lack of a regulated way to embrace cryptocurrencies unnecessarily affects investors.</p>
<p style="text-align: justify">Fidelity Investments is confident about obtaining approval as it quoted a decision that emerged from the legal process between Grayscale and the SEC. As is known, after the SEC rejected Grayscale’s request to convert its famous <a href="https://en.coin-turk.com/bitcoin-analyst-warns-of-further-decline-after-recent-drop/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> Trust into a full-fledged spot Bitcoin ETF, Grayscale filed a lawsuit against the US federal regulator. The court ruled that the SEC had no grounds for rejection due to the already approved futures-based ETF for <a href="https://en.coin-turk.com/bitcoins-future-bitcoin-in-a-consolidation-phase-michaal-van-de-poppe-says/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>. The latest information flow regarding the matter shows that the SEC and Grayscale have held various consultations about the investment product.</p>
<h2 style="text-align: justify" id="fidelity-investments-increases-sensitivity-for-etf-approval">Fidelity Investments Increases Sensitivity for ETF Approval</h2>
<p style="text-align: justify">Fidelity Investments stands out as a prominent name when it comes to the institutional adoption of cryptocurrencies. The company is among the top names hoping to obtain approval for its spot Bitcoin ETF, which it applied for in June. The ETF, named “Wise Origin Bitcoin Trust,” has also been revised to address significant concerns gathered from feedback received from <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> regulators.</p>
<p style="text-align: justify">Due to the value of assets under Fidelity Investments’ management being approximately $4.5 trillion and having extensive resources, many believe that the company’s ETF applications will not be rejected by the SEC. Moreover, BlackRock also has this influence, and the presence of both companies in the cryptocurrency ETF field currently ensures a 90% chance of at least one spot Bitcoin ETF being approved by the SEC by January 2024.</p> Continue Reading: <a href="https://en.coin-turk.com/fidelity-investments-applies-to-sec-for-ethereum-etf-becoming-the-7th-asset-management-company-in-the-us-to-take-action-for-ethereum/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/fidelity-investments-applies-to-sec-for-ethereum-etf-becoming-the-7th-asset-management-company-in-the-us-to-take-action-for-ethereum/</a>

Fidelity Investments Applies to SEC for Ethereum ETF, Becoming the 7th Asset Management Company in the US to Take Action for Ethereum

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