According to Blockworks, Fidelity has filed a 19b-4 application with the Securities and Exchange Commission (SEC) for an Ethereum ETF. The proposed rule change names the fund the Fidelity Ethereum Fund, and the 19b-4 was filed with CBOE. The investment objective of the Trust is to track the performance of ETH, as measured by the Fidelity Ethereum Index, and the Trust will hold ETH to achieve its investment objective.
Fidelity's proposed ETH fund comes a week after BlackRock also filed a 19b-4 for an Ether ETF. Since then, BlackRock has submitted an S-1 with the SEC, paving the way for the Commission to make a decision on the fund. BlackRock's fund would be listed on Nasdaq. Fidelity is also in the running for a spot Bitcoin ETF, having re-upped its bid for that fund back in June. The SEC has yet to make a decision on whether it will greenlight any spot Bitcoin ETFs, having recently delayed a few with November deadlines, including Franklin Templeton, Hashdex, and Global X.
BlackRock is also in the running for a spot Bitcoin ETF, which has led many to believe that the SEC is considering greenlighting the ETFs. BlackRock has a long history of approvals with the SEC. In October, the Depository Trust and Clearing Corporation listed BlackRock's proposed ETF on its site, leading eagle-eyed ETF watchers to believe that the asset manager was close to receiving regulatory approval. However, the DTCC later told Blockworks that the move was not indicative of a pending approval.
