Fidelity, BlackRock, and other financial firms are seeking approval to launch ETFs for Bitcoin and Ethereum, providing an easier path for investors to enter the crypto market.
Fidelity the money management giant is taking a bold step in the world of cryptocurrency by announcing its plans to create an exchange-traded fund that will exclusively own Ethereum's ether (ETH), according to a filing made on Friday. This move comes after the firm's rival BlackRock has already shown its interest in the digital currency
The Cboe Global Markets, which owns an exchange, has filed for the listing of the Fidelity Ethereum Fund. This filing has revealed the proposed product's existence.
However, before the listing, the U.S. Securities and Exchange Commission must approve the ether ETF, which includes similar proposals from other companies, including BlackRock, that were recently disclosed.
Fidelity and BlackRock are set to create ETFs that will offer investors seamless access to Bitcoin (BTC) with the aim of making it more accessible. Although the SEC has not yet given its verdict, both companies remain optimistic about the approval.
Investors who are optimistic about the future of the cryptocurrency market see a potential game-changer in ETFs that hold Bitcoin or Ethereum, the two largest cryptocurrencies. Compared to buying crypto, investing in ETFs is generally easier and more accessible. A traditional brokerage account enables investors to purchase a wide variety of ETFs, which are traded like stocks and can track a range of assets, from the entire stock market to commodities such as gold, corn, and sugar.
It is possible that this could result in an influx of new investment capital in digital assets, especially with the marketing power of well-known companies like Fidelity and BlackRock.
