Fidelity Investments Joins the Fun with Ethereum Spot ETF Filing
Well, well, well. Look who decided to jump on the bandwagon of cryptocurrency madness! It’s none other than Fidelity Investments, the American multinational financial service corporation. They’ve officially thrown their hat into the ring by filing for an Ethereum Spot Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC).
This isn’t Fidelity’s first rodeo when it comes to ETF filings. Oh no, they previously filed for a Spot Bitcoin ETF which is still waiting for that sweet approval from the SEC.
The latest filing submitted by Fidelity outlines all sorts of fancy details about how they plan to list and trade Trust shares on the exchange. They want everyone to know that this Trust is not your average investment company under those pesky investment laws or a commodity pool as defined by those Commodities laws.
Why do they need all these regulatory clarifications? Well, it seems like there’s some legal drama going on between the US SEC and various crypto exchanges and financial organizations in the industry. Drama alert!
ETH bulls fail to reclaim $2,000 | Source: ETHUSDT on Tradingview.com
Featured image from Crypto Daily, chart from Tradingview.com
Fidelity Gets Creative with Their Ethereum ETF Structure
In their filing, Fidelity made sure to outline just how innovative and unique their proposed Ethereum ETF structure will be. Each share issued by them will represent a fractional stake in the overall net assets of this trust thingy they’re setting up.</ span ></ p >
< p > And what exactly are these assets going to consist of? Why only good ol’ ETH tokens governed by some Custodian appointed to manage this whole shebang.< / p >
< p >< span style =" font - weight : 400 ">“Each Share will represent a fractional undivided beneficial interest in the Trust’s net assets.The Trust’s assets will consist of ETH held bythe Custodianon behalf oftheTrust.TheTrust generally does not intendtoholdcashorcashequivalents.However,</ span > < / p > < pre style =" text - align:center ">ETH bulls fail toreclaim$2000|Source : ETHUSDTonTradingview . com< / pre > < h3 > The Bottom Line </h3 > < p >< span style =" font - weight : 400 ">So there you have it folks! Another day another wild ride in Cryptoland.Feel free totakea seatand grab some popcorn because things are getting interesting out here.And remember,don't invest more than you can affordto losebecause let's faceit,this stuffis crazierthan tryingto herd cats!< / span >< / p >