Fidelity files for spot Ethereum ETF, trailing BlackRock’s lead by two days Fidelity files for spot Ethereum ETF, trailing BlackRock’s lead by two days
The rival asset managers are also pursuing spot Bitcoin ETFs in a race that could change crypto investing in the U.S. forever.
2 min read
Updated: Nov. 18, 2023 at 12:12 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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 Nov. 17.
Cboe BZX submitted a 19b-4 filing describing 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 spot Bitcoin ETF proposal, submitted to the SEC in late June.
Both Fidelity filings follow similar applications from the company’s main competitor, BlackRock. BlackRock submitted an S-1 filing for its spot Ethereum ETF just days ago, on Nov. 15, and applied for its spot Bitcoin ETF months earlier in June.
The close timing between the competing filings may be explained by each asset manager’s exceptionally high standing. BlackRock is the largest asset manager in the world, 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 applied for their own spot Bitcoin ETFs and spot Ethereum ETFs following the above high-profile filings.
The SEC is expected to approve or reject a Bitcoin ETF by Jan. 10, 2024. That decision concerns a spot Bitcoin application from ARK Invest, which submitted its application in May — about one month before BlackRock submitted its more influential filing. The SEC could apply its decision to other pending ETF applications, many of which are intentionally similar to one another, in order to meet expected requirements.
Though the SEC will evaluate any spot Ethereum ETFs separately from spot Bitcoin ETFs, the approval of one type of fund may pave the way for the other.
It should be noted that although the SEC has not yet approved any Bitcoin or Ethereum spot ETF, it has approved futures ETFs of both types in recent months and years.
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Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin
$97,527.87
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.