Following in the footsteps of its application for a spot bitcoin ETF, asset management behemoth Fidelity has submitted for a spot ether ETF.
As stated in the filing, “approval of a Spot ETH ETP would represent a major win for the protection of U.S. investors in the crypto asset space.” It is stated that investors are at serious risk if these products are not approved because they will likely look for riskier, alternative ways to gain exposure.
The filing cited a recent Grayscale court decision in which the court held that the SEC had not presented a convincing argument for rejecting spot cryptocurrency ETFs when it had approved futures-based products.
Fidelity entered the race for a spot bitcoin ETF in June, not long after BlackRock did. Before the filing, The Block revealed the information.