Fidelity applies to add staking services to Ethereum spot ETF! LDO, RPL jumped after hearing the news

American asset management giant Fidelity, which manages $4.5 trillion in assets, submitted a revised Ethereum spot ETH to the U.S. Securities and Exchange Commission (SEC) on the 19th. Application document. This modification mainly involves adding a new description of staking. If the SEC approves this modification, Fidelity plans to allow its pending Ethereum spot ETF to pledge part of its ETH assets, thus bringing additional income to the fund.

Fidelity wrote in its latest filing of Form 19b-4: According to the registration statement, the sponsor (Sponsor) may pledge a portion of the assets of the fund from time to time through one or more trusted pledge service providers, among which May include affiliates of the sponsor (staking providers), taking into account any staking activity the fund may engage in, the fund will be rewarded with a certain amount of Ethereum network tokens, which may be considered fund income as compensation for services provided .

Lido jumps 11%

While the document did not explicitly mention which staking service provider it was partnering with, the news caused the price of Ethereum liquidity staking protocol Lido to rise early this morning. It rose nearly 11% at one point, reaching a peak of $2.7, and then fell as the entire market corrected. At the time of publication, the price was $2.45, down 9.4% in the past 24 hours.

Another well-known Ethereum staking service provider, Rocket Pool (RPL), also experienced the largest increase of more than 11%, with its price soaring to over $30 at one point. Currently, Rocket Pool’s price is around $28.31, down 1.9% from the past 24 hours.

LDO jumped nearly 11%

Ethereum spot ETF "may it be difficult to pass on 5/23"?

Fidelity’s plan to include staking in its own Ethereum spot ETF will be a major benefit to Ethereum staking service providers. However, it is worth noting that since Fidelity first submitted its application in November last year, the SEC has postponed its decision on the Ethereum spot ETF of the two giants Fidelity and BlackRock for the second time.

8 Ethereum spot ETF related application timetable

Some experts believe that the SEC will approve the Ethereum spot ETF before the key date of May 23 Expectations turned pessimistic. Last week, Fox Business reporter Eleanor Terrett broke the news that the SEC has recently not meaningfully advanced the approval process like it did for approving Bitcoin spot ETFs. At the same time, well-known anti-cryptocurrency Senator Elizabeth Warren is taking the lead in opposing the approval of related applications.

Bloomberg ETF senior analyst Eric Balchunas also believed this month that approval in May may not be optimistic because SEC staff has not yet given any comment to issuers.

"In addition, there is no case where the Ethereum ETF is rejected and loses the lawsuit. The correlation between Ethereum spot and futures is not as strong as the Bitcoin ETF. Compared with the Bitcoin ETF, the final situation It may not be too optimistic."

Analysts at cryptocurrency exchange BloFin also recently listed in a report that the main reason why the SEC may refuse to release Ethereum spot ETFs in May is "ETH securitization risk." Analysts It is also believed that the risk of price manipulation of Ethereum is higher than that of Bitcoin, and the PoS mechanism of Ethereum makes the SEC have doubts about approval.

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