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Fidelity has significantly bolstered its commitment to cryptocurrency with a new $4.7 million investment into its Ethereum exchange-traded fund, as detailed in their latest amended filing. The investment, spearheaded by FMR Capital, Inc., an affiliate of Fidelity, underscores a robust interest in the expanding crypto ETF market. On June 4, FMR Capital acquired 125,000 shares at approximately $38 each, following an initial purchase of one share for $40 in late May.
This strategic move facilitated the purchase of 1,250 ether using the proceeds, highlighting Fidelity’s proactive stance in harnessing the potential of digital assets. The absence of any fees mentioned in the filing mirrors the cautious approach taken by other players in the industry, who are possibly waiting for market leader BlackRock’s fee reveal to adjust their strategies.
As regulatory milestones are cleared with the SEC approving necessary forms last month, the industry is poised for the next phase. Trading is anticipated to commence following the final adjustments and approvals, potentially setting a precedent for future crypto fund management initiatives.
