Rival asset managers are also vying for spot Bitcoin ETFs in a competition that has the potential to completely alter U.S. cryptocurrency investing.
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According to a document filed with the Securities and Exchange Commission (SEC) on November 17, Fidelity Investments has submitted an application for a spot Ethereum exchange-traded fund (ETF).
In a 19b-4 filing, Cboe BZX described a proposed rule change that would enable it to list and trade shares of the fund that Fidelity is planning. The spot Bitcoin ETF proposal from Fidelity, which was filed with the SEC in late June, is strikingly similar to the current Ethereum plan.
The company’s primary rival, BlackRock, submitted proposals that are comparable to the ones filed by Fidelity. Just a few days ago, on November 15, BlackRock filed an S-1 application for its spot Ethereum ETF. Months before, in June, the company had applied for its spot Bitcoin ETF.
Given the outstanding stature of each asset manager, it is possible to explain the close timing of the competing submissions. With $9 trillion in assets under management, BlackRock is the biggest asset manager globally. In contrast, Fidelity manages $4.2 trillion in assets, making it the third-biggest asset manager globally.
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Applications are pending for other companies
Following the aforementioned high-profile filings, a number of additional asset managers have also submitted applications for their own spot Ethereum and Bitcoin ETFs.
By January 10, 2024, the SEC is anticipated to either approve or reject a Bitcoin ETF. The ruling pertains to ARK Invest’s spot Bitcoin application, which was filed in May, around one month prior to BlackRock’s more significant submission. In order to comply with anticipated standards, the SEC may apply its ruling to other pending ETF filings, several of which are purposefully similar to one another.
The SEC will assess Ethereum ETFs on the spot differently than Bitcoin ETFs, although the approval of one kind of fund could lead to the approval of another.
It should be mentioned that the SEC has approved futures ETFs of both types in recent months and years, despite the fact that no spot ETF for Bitcoin or Ethereum has yet been approved by the agency.
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