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Home»ADOPTION NEWS»Fidelity modifies spot Ethereum ETF to include staking.
ADOPTION NEWS

Fidelity modifies spot Ethereum ETF to include staking.

By Crypto FlexsMarch 19, 20242 Mins Read
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Fidelity modifies spot Ethereum ETF to include staking.
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Posted 1 minute ago In ~

Financial giant Fidelity has modified its spot Ether ETF application to include a cryptocurrency staking provision.

“Under the Registration Statement, Sponsor may from time to time stake a portion of the Fund’s assets through one or more trusted staking providers, which may include affiliates of the Sponsor (‘Staking Providers’),” the company wrote. “In return for any staking activity in which the Fund may engage, the Fund will receive certain network rewards in Ether tokens, which may be treated as income to the Fund as compensation for services rendered,” the amendment to the March 18 filing states. .”

The largest of these providers, Lido, currently holds $35 billion worth of Ethereum.

Since the spot Bitcoin ETF was approved last January, Fidelity has amassed approximately 132,570 Bitcoins (worth over $9 billion) as the first spot cryptocurrency exchange-traded commodity asset.

staking It actively participates in verifying transactions in the following Proof-of-Stake (PoS) blockchains. Ethereum ETH

-6.97%
And you get rewarded. Therefore, multi-billion dollar players like Fidelity Staking Ether can transform the ecosystem of Ethereum itself.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Lawrence Lewitinn is The Block’s North American editor-in-chief. Lewitinn has extensive experience as a financial journalist, working at CoinDesk, CNBC, TheStreet, Yahoo Finance, Observer, and Modern Consensus. His career also includes several years on Wall Street trading bonds, currencies and commodities for Millennium Management and MQS Capital. Lewitinn graduated from New York University, received an MBA from Columbia Business School, and a master’s degree in international relations from Columbia School of International and Public Affairs. He is a CFA Charterholder.

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