Fidelity, a leading asset management firm managing $4.5 trillion, has joined the trend of seeking approval for an Ether exchange-traded fund (ETF).
The firm has submitted a filing to the United States Securities and Exchange Commission (SEC) on Nov. 17, proposing to list and trade shares of the Fidelity Ethereum Fund on the Cboe BZX Exchange.
The filing stated that each share would represent a fractional undivided beneficial interest in the Trust’s net assets, which would primarily consist of ETH held by the Custodian on behalf of the Trust.
The filing further highlighted the lack of a safe and regulated way for US citizens to gain exposure to ETH.
According to the filing, current methods of accessing digital assets involve potential risks such as counter-party risk, legal uncertainty, and technical risk. In contrast, investors in Europe have access to regulated exchange-traded products that offer exposure to various spot crypto assets.