Financial giant Fidelity is seeking to create an exchange-traded fund that will own Ethereum’s ether (ETH), according to a filing Friday, joining rival BlackRock in boosting its crypto exposure.
The Fidelity Ethereum Fund would be listed on an exchange owned by Cboe Global Markets, which publicized the affair revealing the existence of the proposed product. But first, the U.S. Securities and Exchange Commission must decide whether to approve the Ether ETF, as it must do for others, including one from BlackRock announced earlier this month.
Fidelity and BlackRock also want to create ETFs that give investors easier access to an even bigger cryptocurrency: Bitcoin (BTC). The SEC has not yet commented on this either.
ETFs that hold BTC or ETH, the largest cryptocurrencies, could – according to optimists – dramatically shake up the crypto market. They are generally easier to buy than crypto; A regular, traditional brokerage account gives an investor access to all types of ETFs, which trade like stocks and track assets from the entire stock market to gold, corn and sugar.
That could theoretically lead to a flood of new investment money into digital assets – especially given the marketing power of famous firms like Fidelity and BlackRock.
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