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Ethereum ETF: SEC Kicks Off Clock for Fidelity

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Thu, 30/11/2023 - 17:39
Ethereum ETF: SEC Kicks Off Clock for Fidelity
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The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Fidelity Investments' filing for a spot Ethereum exchange-traded fund (ETF). This follows Fidelity's application on Nov. 17. 

The filing kicks off a public comment period, during which interested parties can voice their views on the viability of such a product. The SEC is supposed to announce its decision after 240 days.   

Fidelity's Ethereum gambit 

Earlier this month Fidelity Investments filed for a spot Ethereum ETF, extending its crypto investment offerings beyond its earlier Bitcoin ETF application. 

The application stressed the importance of such a product for U.S. investors, suggesting that a regulated Ethereum ETF would provide safer investment options compared to the current alternatives. 

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This move gained further relevance against the backdrop of a recent court ruling questioning the SEC’s stance on rejecting spot crypto ETFs while allowing futures-based ETFs.

High approval odds 

Analysts James Seyffart and Eric Balchunas have expressed optimism about the approval odds for Ethereum ETFs, citing a recent surge in similar applications and the SEC's evolving approach to crypto-based financial products. 

They estimate a 75% chance of Ethereum futures ETFs being approved, particularly in light of the SEC's prior approval of Bitcoin futures ETFs. 

However, the market's response to existing Ethereum futures ETFs, which debuted in early October, was underwhelming. These ETFs recorded a total trading volume of around $1.7 million in their initial hours, a sharp contrast to the successful launch of the first futures-based Bitcoin ETFs. 

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