The post Fidelity Seeks to Launch Ether ETF Like BlackRock; SEC Yet to Nod appeared on BitcoinEthereumNews.com.

Fidelity, a global money management giant is seeking opportunities to develop an exchange-traded fund that owns Ethereum’s ether (ETH). The information about launching the ETF was revealed in a November 17, 2023 filing.  The upcoming Fidelity Ethereum Fund is expected to be registered on the exchange owned by Cboe Global Market. However, the Ethereum ETF is yet to be approved by the U.S. Securities and Exchange Commission.  Some other crypto ETFs are also seeking approvals from the regulator, among all other ETFs applications, BlackRock is the most prominent. BlackRock and Fidelity aim to ease the process of adopting bigger cryptocurrencies such as Bitcoin and Ethereum. Entry of global giants has also backed the positive sentiment in the eyes of small investors and since the beginning of 2023, crypto adoption has grown rapidly. Over the past few months, several institutional giants have shown interest in cryptocurrency ETFs, and a major bounce in trading prices of the majority of tokens was seen. On November 16, 2023, Reuters reported that BlackRock filed for spot Ethereum ETF. The iShares Ethereum Trust was registered last week and will be listed on Nasdaq if approved.  As per Coinmarketcap, Ethereum is the second largest cryptocurrency in terms of market capitalization and when writing, it was trading at $1,942.20 with a weekly decline of 5.78%. At the same time, Bitcoin was trading at $36,468.18.  What Will Happen if SEC Rejects Recent Crypto ETFs? Over the past few months, dozens of leading traditional financial giants have filed applications seeking approval over crypto ETFs. However, the ETF applications are still under the supervision of the SEC, and the decision over approval and dismissal is fully based on the SEC. In case the SEC does not give a green light to the ETFs applications, a significant decline in the trading price…

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Filed under: News - @ November 18, 2023 4:14 pm