Fidelity's Spot Ethereum ETF Added to DTCC's List under Ticker ‘FETH’ | Coinspeaker

Fidelity’s Spot Ethereum ETF Added to DTCC’s List under Ticker ‘FETH’

As the regulatory process continues, market participants eagerly await the potential launch of Ethereum-linked financial products.

Anisha Pandey By Anisha Pandey Julia Sakovich Edited by Julia Sakovich Updated 3 mins read
Fidelity’s Spot Ethereum ETF Added to DTCC’s List under Ticker ‘FETH’
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The Securities and Exchange Commission-registered financial securities clearing company Depository Trust and Clearing Corporation’s (DTCC) has recently added Fidelity Investments’ US spot Ethereum exchange-traded fund (ETF) to its list of ETFs. The fund, named Fidelity Ethereum FD Beneficial INT, appears under the ticker FETH.

According to the list, DTCC has designated the ETF as a domestic fund. However, it is currently marked as “N” in the create/redeem column, indicating that it is not yet active. The company stated:

“This file includes both active ETFs that may be processed at DTCC and ETFs that are not yet active (‘pre launch’) and, therefore, are not able to be processed at DTCC, unless and until such securities have received all necessary regulatory and other approvals.”

Alongside Fidelity, proposed spot Ether ETFs from VanEck, Franklin Templeton, and BlackRock have also been included on this list. However, DTCC has clarified that such additions are “standard practice” and do not necessarily indicate impending regulatory approval.

Players Make Moves

Last week, the SEC gave a green light to eight 19b-4 forms for spot Ether ETFs from major financial players, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark Invest, Invesco Galaxy, and Franklin Templeton. Despite this preliminary approval, these firms are still required to obtain approval for their S-1 registration statements from the agency before their funds can start trading.

It is important to note that Fidelity filed its updated S-1 form last week, signaling its readiness to move forward pending final regulatory clearance. Similarly, BlackRock submitted its amended registration statement on Wednesday.

In contrast, investment manager Hashdex has opted to withdraw its application for a spot Ether ETF as it “no longer intends to move forward with a single asset Ether ETF”.

According to documents filed with the SEC, the application was withdrawn on May 24, just a day after the SEC approved eight similar financial products. The reasons behind Hashdex’s withdrawal remain unclear, and it is unknown if the firm plans to resubmit its proposal in the future.

Launch Date Predictions

As the regulatory process continues, market participants eagerly await the potential launch of Ethereum-linked financial products. These spot Ether ETFs could potentially launch as early as mid-June provided the SEC follows a similar timeline to its spot Bitcoin ETF process. Bloomberg ETF analyst Eric Balchunas recently commented on the S-1 registrations, expecting additional filings to follow soon. He noted that there will likely be another round of detailed comments from the regulatory agency.

The analyst believes that a launch by the end of June is a realistic possibility but maintains his estimated launch date around July 4.

Meanwhile, Ether is trading at around $3,750, reflecting a 3% decline from the previous day. The trading volume stands at $16.8 billion, marking a 10% decrease in the last 24 hours.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Anisha Pandey

With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.

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