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Following the remarkable debut of Spot Bitcoin ETFs in 2024, the digital asset landscape experienced a seismic shift, propelling BTC to unprecedented heights, breaching $73,000 in March. Yet, this milestone seems not to mark the culmination of its ascent, with anticipations of further growth lingering in the air. In the wake of these successes, speculation arose regarding the next cryptocurrency poised for ETF inclusion. Ethereum emerged as a prime contender, given its prominence in the market. Now, Fidelity, a key player in the ETF realm with its Spot Bitcoin ETF, has submitted an application to the SEC for a Spot Ethereum ETF, incorporating staking features.

 

 

 

Fidelity’s initial filing for a Spot Ethereum ETF dates back to November of the preceding year, aligning itself alongside industry peers such as BlackRock, VanEck, and ARK Invest. The proposed Fidelity Ethereum Fund seeks to issue shares tradable on the Chicago Board Options Exchange (CBOE), offering investors exposure to Ethereum while incorporating staking opportunities.

 

 

 

Despite Ethereum’s candidacy for a Spot ETF, uncertainties linger, notably concerning regulatory scrutiny. Reports indicate that the SEC’s legal actions have cast a shadow over Ethereum’s security status. However, GrayScale’s chief legal officer, Craig Salm, remains optimistic, citing the precedent set by the Spot Bitcoin ETF approvals. Salm underscores the thorough evaluation process undergone by issuers during the Spot Bitcoin ETF deliberations, suggesting a potentially smoother path for Ethereum ETF approvals, given the analogous nature of the assets involved. Nevertheless, the ultimate decision rests with the SEC, whose stance on Ethereum’s regulatory status remains to be seen.

 

 

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