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Fidelity Investments has filed for a spot ethereum exchange-traded fund (ETF), as seen in a filing with the Securities and Exchange Commission (SEC) on November 17.
Cboe BZX filed a 19b-4 filing outlining a proposed rule change that would allow it to list and trade shares of Fidelity’s planned fund. The new ethereum proposal closely resembles Fidelity’s bitcoin spot ETF proposal, submitted to the SEC in late June.
Both Fidelity filings follow similar requests from the company’s main competitor, BlackRock. BlackRock filed an S-1 filing for its ethereum spot ETF just a few days ago, on November 15, and filed for its bitcoin spot ETF months earlier, in June.
The proximity between the competing filings can be explained by the exceptionally high reputation of each asset manager. BlackRock is the world’s largest asset manager, with $9 trillion in assets under management. Fidelity, on the other hand, is the third largest asset manager in the world, with $4.2 trillion in assets under management.
Other firms have pending applications
Several other asset managers have also filed for their own bitcoin spot ETFs and ethereum spot ETFs following the high-profile filings mentioned above.
The SEC is expected to approve or reject a bitcoin ETF by Jan. 10, 2024. That decision concerns a one-time bitcoin application from ARK Invest, which filed in May, about a month before BlackRock filed its most influential presentation. The SEC could apply its decision to other pending ETF applications, many of which are intentionally similar to each other, to meet expected requirements.
Although the SEC will evaluate any ethereum spot ETF separately from bitcoin spot ETFs, approval of one type of fund may pave the way for the other.
It should be noted that while the SEC has not yet approved any bitcoin or ethereum spot ETFs, it has approved futures ETFs of both types in recent months and years.
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