Fidelity and BlackRock are both making significant moves in the cryptocurrency space, with Fidelity seeking to create an exchange-traded fund (ETF) that owns Ethereum’s ether (ETH), according to a recent filing. This initiative aligns with the growing interest in expanding investment options for cryptocurrencies, subject to approval from the U.S. Securities and Exchange Commission (SEC).
The proposed Fidelity Ethereum Fund, which would be listed by an exchange owned by Cboe Global Markets, is part of Fidelity’s efforts to provide investors with easier access to cryptocurrency-linked assets. Similarly, BlackRock has also filed for a spot ethereum ETF, signaling a doubling down on its cryptocurrency bets amid investor optimism.
The potential approval of these ETFs could significantly impact the accessibility of cryptocurrency investments, making them far easier for the average person to invest in. ETFs that hold BTC or ETH, the two largest cryptocurrencies, have the potential to bring in a flood of new investment money into digital assets, potentially reshaping the crypto market.
While the SEC is yet to weigh in on these applications, the move by Fidelity and BlackRock underscores the increasing mainstream interest in cryptocurrencies and the efforts to provide more accessible and regulated investment avenues for digital assets. The introduction of these ETFs could mark a significant development in the cryptocurrency investment landscape, potentially attracting a broader range of investors.
As Fidelity and BlackRock seek to create ETFs for Ethereum’s ether and potentially other cryptocurrencies, the industry awaits the SEC’s decision on these applications. The potential approval of these ETFs could open up new opportunities for investors to engage with the cryptocurrency market, signaling a broader trend of traditional financial institutions embracing digital assets.