- Fidelity confirmed the filing to DL News; the ETF will be known as the Fidelity Ethereum Fund.
- The Boston-based asset manager joins traditional finance giant BlackRock, which filed last week.
Fidelity has joined the race to launch the first spot Ether exchange-traded fund.
Just six weeks after Ethereum futures ETFs went live, the race for a spot product is heating up.
The Boston-based asset manager is the latest traditional finance heavyweight to turn its focus on Ether funds. BlackRock filed for spot Ether fund on November 9, joining Ark Invest in the hunt for approval.
A spokesperson for Fidelity confirmed the filing in an email to DL News, adding that a “meaningful portion” of its customers are “interested in and have decided to invest in digital assets.”
“Fidelity remains committed to providing customers with a portfolio of solutions that offer choice, accompanied by education and support as they leverage products to meet their financial needs and objectives,” the spokesperson told DL News.
Fidelity CEO Abigail Johnson has long been an admirer of crypto. Her firm even offers a retirement plan that gives employees exposure to digital assets, the “Digital Assets Account.”
The DAA plan was the first of its kind in the US and raised questions from some senators. Still, Johnson has been unwavering in her commitment to crypto.
Fidelity also filed for a spot Bitcoin ETF in June, shortly after BlackRock.
The asset manager earlier this year embarked on a hiring spree as it pushed to let American workers invest in crypto through their retirement plans and launched a digital assets marketplace called EDX with Charles Schwab and Citadel Securities.
Adam Morgan McCarthy is DL News’ Cork-based Markets Correspondent. Got a tip? Reach out at firstname.lastname@example.org.