BlackRock and Fidelity Invest $500M in Ethereum ETFs via Coinbase Prime

Dec 13, 2024, 04:47 AM

BlackRock and Fidelity have significantly increased their exposure to Ethereum (ETH) through their respective exchange-traded funds (ETFs), purchasing over $500 million worth of ETH in the past 48 hours via Coinbase Prime. This move follows the U.S. Securities and Exchange Commission's (SEC) approval of eight spot Ethereum ETFs in May. BlackRock's iShares Ethereum Trust ETF (ETHA) has seen the largest inflows, totaling $2.93 billion, while Fidelity's Ethereum Fund (FETH) has recorded $1.35 billion in inflows. Ethereum's price has also experienced a 5.1% increase over 24 hours, trading at $3,830 with $39.3 billion in trading volume. BlackRock is also seeking regulatory approval to launch spot trading options for its Ether ETFs, with a decision expected by April 2025. These developments reflect a growing trend of institutional participation in the crypto sector, particularly after spot ETF approvals earlier this year.