Fidelity jumps aboard the spot ETH ETF train

Fidelity filed a 19b-4 on Friday for a spot ETH ETF

November 17, 2023 05:46 pm

JHVEPhoto/Shutterstock modified by Blockworks

Fidelity filed a 19b-4 application with the Securities and Exchange Commission late Friday for an ethereum ETF.

According to the filing, the proposed rule change names the fund the Fidelity Ethereum Fund. The 19b-4 was filed with CBOE.

A 19b-4 is a rule change form required by the SEC.

“The investment objective of the Trust is to seek to track the performance of ETH, as measured by the performance of the Fidelity Ethereum Index…In seeking to achieve its investment objective, the Trust will hold ETH,” the filing said.

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.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Newsletter

Blockworks Daily

Upcoming Events

Permissionless III Hackathon

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

learn more

Permissionless III

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

learn more

recent research

Research

Why Solana Mobile Should 100x Their Phone Production

Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs, and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1M to 10M units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel.

by Luke Leasure