Fidelity, a $4.5 trillion asset management firm, has recently submitted an S-1 form for a Spot Ethereum ETF to the US Securities Exchange Commission (SEC), including staking in the ETF offering.

The objective of the Trust, as outlined in the official notes, is to track the performance of Ethereum's native token, ETH, using the Fidelity Ethereum Reference Rate. This performance will be adjusted for the Trust's expenses and other obligations.

Following the approval of spot Bitcoin ETFs in the US, the SEC endorsed all 11 requests, including those from Fidelity. This decision is seen as a significant development for the cryptocurrency industry as a whole.

With ETH's price currently hovering around $3,500 and experiencing a 7% increase over the past week, the approval of a Spot ETH ETF by the SEC is eagerly anticipated in the near future. ETH's price briefly spiked under $3,700 earlier today.

Institutional investors are increasingly showing interest in Ethereum, especially after the recent SEC approval of spot Bitcoin ETFs. Max Minton, the Head of Digital Assets for Goldman Sachs Asia Pacific, reported a growing interest among the firm's clients in cryptocurrencies in 2024.

A report from Bloomberg in March 2024 confirmed the rising interest of institutional clients in the crypto industry. Minton foresees a potential shift towards ETH among Goldman Sachs' institutional clients upon the approval of a Spot ETH ETF in the US. As a result, ETH's price is expected to experience increased volatility following this development.