Financial giant Fidelity has amended its spot ether ETF application to include provisions for staking the cryptocurrency.
The largest of such providers, Lido, currently has $35 billion worth of ether locked.
Since its spot bitcoin ETF was approved in January, Fidelity has amassed about 132,570 bitcoin, worth over $9 billion, in assets for its first spot cryptocurrency exchange-traded product.
Staking is where one actively participates in transaction validation on a proof-of-stake (PoS) blockchain such as Ethereum ETH
-6.28%
and earns rewards. Thus, a multi-billion dollar player such as Fidelity staking ether could conceivably change the ecosystem of Ethereum itself.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Lawrence Lewitinn is the Managing Editor for North America at The Block. Lewitinn brings extensive experience as a financial journalist, with stints at CoinDesk, CNBC, TheStreet, Yahoo Finance, the Observer, and Modern Consensus. His career also includes years on Wall Street, where he traded fixed income, currencies, and commodities for Millennium Management and MQS Capital. Lewitinn is an alumnus of New York University and has earned an MBA from Columbia Business School, along with a Master of International Affairs from Columbia’s School of International and Public Affairs. He is a CFA Charterholder.