Fidelity and BlackRock Compete for Ethereum ETF Approval

Fidelity Investments has filed for regulatory approval to launch an exchange-traded fund (ETF) that would hold Ethereum, following BlackRock's similar application. The proposed Fidelity Ethereum Fund would track the price of Ethereum and trade on the Cboe BZX Exchange. Fidelity's move comes as the Securities and Exchange Commission (SEC) faces pressure to approve a spot bitcoin ETF. The SEC recently delayed its decision on two spot Bitcoin ETFs, and it remains unclear if the SEC views the ether futures market as mature enough for an ETF. Fidelity, which manages over $11 trillion in customer assets, has been expanding its cryptocurrency business.