Category: NFT News
Fidelity Adds Staking To Spot Ethereum ETF Application
The firm submitted its amendment late Monday.
Financial services giant, Fidelity, has amended its spot Ethereum ETF application to include the option for investors to stake their ETH, according to its filing with the Securities and Exchange Commission (SEC).
The SEC now has up to 90 days to respond to the amendment. The official deadline for BlackRock and Fidelity’s applications is set for May 23.
The news sparked a small spike in the price of Lido Finance’s LDO, the native token to the largest staking protocol in the Ethereum ecosystem. It jumped 2.7% but quickly gave up those gains.
Fidelity’s move to include staking in their ETF application underscores the asset manager’s willingness to expose its investors to all aspects of the digital asset ecosystem; alongside the importance of staking as an overall activity in the industry.
Staking refers to investors locking up a certain amount of tokens and receiving an interest for doing so. Ethereum’s staking sector commands $48 billion, with Lido Finance accounting for 70% of the market.
Today’s news has had no effect on Ethereum’s price, however, which stands at $3,531, a 2.7% drop on the day. It has lost 12% of its value on the week, thanks to traders taking profit since last week.
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