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Fidelity, a prominent asset management firm with over $4.5 trillion in assets under management, has formally submitted an application for the establishment of a Spot Ethereum Exchange-Traded Fund (ETF). The decision is a response to the recent action taken by BlackRock, an asset management company, which submitted their application for an Ethereum Exchange-Traded Fund (ETF) last week. Fidelity Is 7th On The List Fidelity Investments has recently positioned itself as the seventh asset management in the United States to pursue the aforementioned product. Based on the SEC’s Form 19b-4 filing, the Fidelity Ethereum ETF is called the “Fidelity Ethereum Fund” and is designed to track the performance of Ethereum. If approved, the ETF will trade in accordance with the BZX Rule, the company disclosed. Update: @Fidelity joins the spot #ethereum ETF race by filing a 19b-4 with @CBOE https://t.co/rxNEzpzh3g pic.twitter.com/o96XspPDEP — James Seyffart (@JSeyff) November 17, 2023 Related Reading: Options Frenzy: Bitcoin Rally To $37,000 Sparks Explosive Open Interest Surge Each share shall reflect a portion of the undivided beneficial interest in the net assets of the Fidelity ETH Fund, the Registration Statement shows. ETH held by the New York Department of Financial Services on behalf of the Fidelity Ethereum Fund will make up the Trust’s assets. The Importance Of Spot ETFs Spot ETFs play a pivotal role in significantly expanding the reach of cryptocurrencies to the average investor, aligning with the increasingly emphasized goal of asset managers such as BlackRock, Grayscale, and other industry players. Despite the concerted efforts of regulatory bodies like the SEC to counteract this trend, the push for democratizing access to crypto investments has remained steadfast. ETH market cap currently at $232 billion on the weekly chart: TradingView.com At the forefront of the crypto market, Bitcoin and Ethereum stand as two of the most prominent digital assets, commanding substantial trade volumes and market values. Drawing a parallel with Bitcoin, Ethereum stands poised for a potentially significant surge in value within the next 24 hours, driven by the announcement of Fidelity’s application, marking a development that could significantly impact the cryptocurrency landscape. ETH Up 6.2% In The Weekly Chart At the time of writing, ETH was trading at $$1,930, up 2.3% in the last 24 hours, and sustaining a decent 6.2% increase in the last seven days, data from Coingecko shows. Meanwhile, citing a section of the court ruling in the legal battle between Grayscale and the SEC, Fidelity Investments is optimistic that it will receive permission. Update: @Fidelity joins the spot #ethereum ETF race by filing a 19b-4 with @CBOE https://t.co/rxNEzpzh3g pic.twitter.com/o96XspPDEP — James Seyffart (@JSeyff) November 17, 2023 The court argued that the SEC lacked a reasonable justification for denying Grayscale’s request to convert its well-known Bitcoin Trust into a full-fledged Bitcoin Exchange Traded Fund (ETF), particularly in light of the prior approval of BTC-linked futures. Related Reading: Litecoin Sustains 4-Month Run With 37% Gain, Beating Most Of Its Peers – Details As a result, the court ordered a review of the SEC’s ruling, and current information suggests that the SEC and Grayscale are still in talks over the suggested product. Emerging Prominence Of Crypto Assets Fidelity has expressed its admiration for Ethereum in a vocal manner. In a recent discussion, Chris Kuiper, the Director of Research at the firm, examined the emerging prominence of digital assets and projected their potential for further expansion in the foreseeable future. The company’s hope that ETH would be used for large-scale transactions in the future is further expressed in Fidelity’s Spot Ethereum ETF application. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Consensys