NFT News by Thebittimes.Com

$4.5 trillion asset manager Fidelity has officially filed for a Spot Ethereum ETF . The move follows asset manager BlackRock, who filed their Ethereum ETF application last week. The official SEC filing recognizes Fidelity as responsible for the Trust’s Ether, while Delaware Trust company is the Trustee. If approved, Fidelity will provide Spot Ethereum ETF services to its clients. Thus, new institutional clients can open the gates to the cryptocurrency market. JUST IN: $4.5 trillion asset manager Fidelity files for Spot Ethereum ETF . — Watcher.Guru (@WatcherGuru) November 17, 2023 According to the Registration Statement, each Share will represent a fractional undivided beneficial interest in the Fidelity ETH Fund’s net assets. The Trust’s assets will consist of ETH held by the New York Department of Financial Services on behalf of the Fidelity Ethereum Fund. Spot ETFs dramatically broaden access to crypto for average investors, which has ...

Ethereum [ETH] garnered a significant boost following its shift to proof-of-stake [PoS] through the Merge. The demand and adoption rate of the crypto asset soared. At the beginning of October, Fidelity announced the launch of an Ethereum Index Fund. Now, further broadening its interest in the altcoin, the firm declared the launch of ETH custody and trading services for its institutional clients. An email was reportedly circulated to Fidelity ’s clients announcing the launch of the aforementioned services. The firm revealed that starting from October 28, 2022, new “Institutional Ethereum capabilities” for institutional investors would be offered. The email read, “Institutional Ethereum capabilities are coming to the Fidelity Digital AssetssM platform on October 28, 2022. Investors will be able to buy, sell, and transfer ether, accessing the same operational excellence, robust security, and dedicated client service model provided for bitcoin investments ...