Fidelity has updated its application for an Ether (ETH) Exchange-Traded Fund (ETF), as disclosed in recent filings with the U.S. Securities and Exchange Commission. According to these filings, FMR Capital, an affiliate company, invested $4.7 million to initiate the fund's portfolio with 1,250 Ether, purchased at $38 per share totaling 125,000 shares. It was also confirmed that Fidelity does not intend to participate in ETH staking.

The initial proposal from Fidelity, submitted one month earlier, had included staking services, but these were omitted in the updated filing. A statement clarified that the trust would not engage in the proof-of-stake validation mechanism of the Ethereum network or seek additional profits through its ether holdings. This decision is noteworthy as staking has become increasingly popular in the crypto sector for earning additional rewards.

Following a rule change by the SEC allowing the listing and trading of Ether ETFs by several prominent asset managers like VanEck, BlackRock, Grayscale, and Franklin Templeton, these ETFs await SEC approval on their S-1 forms before trading can commence.

Bloomberg analyst Eric Balchunas expects multiple asset managers to adjust their documentation by June 21st, anticipating these funds to launch on July 2nd.

In parallel developments, asset manager Bitwise has also revised its proposal with the SEC and plans to invest $100 million in the ETF alongside Pantera Capital upon its launch. Additionally, Hashdex is seeking regulatory approval for a combined spot Bitcoin and Ether ETF on the Nasdaq exchange, having recently finalized plans for a standa

lone Ether ETF.