The To merge has brought about a huge change in the Ethereum [ETH] ecosystem. In addition, the popularity of the network also increased sharply. The fact that Ethereum is over 99 percent more energy efficient paved the way for many opportunities. Similarly, Fidelity, a prominent asset manager, announced the launch of an ETH-centered index fund. Following its launch last week, the fund was able to achieve significant revenue.
It should be noted that Fidelity ventured into crypto in 2018 with Fidelity Digital Assets. However, it rolled out the Wise Origin Bitcoin Index Fund in 2020 and the latest Ethereum Index Fund emerged as the second crypto-centric fund. With this particular vehicle, Fidelity wants Ether. offer [ETH] to all its customers.
Speaking of the same, a Fidelity spokesperson said,
“As the digital asset market grows, Fidelity recognizes the need for a diverse range of products and solutions that help clients gain exposure in a way that aligns with their specific financial objectives and risk tolerance.”
It should be noted that a Securities and Exchange Commission [SEC] revealed that the fund’s first-ever sale took place on September 26. The minimum investment was planned at $50,000.
Will Ethereum surpass Bitcoin in terms of popularity?
It’s not news that Bitcoin [BTC] has remained the face of the crypto verse for the longest time. The first crypto to ever exist remains the largest and most prominent choice for many. Ethereum’s latest shift to proof-of-stake [PoS] has put ETH in the spotlight.
For example, Fidelity managed to raise a whopping $5 million since the sale kicked off last week. Building on Ethereum’s dominance, Fidelity’s spokesperson said:
“We have continued to address customer demand for exposure to digital assets outside of bitcoin.”
Although the company appeared late to the party, it clearly managed to lure in a lot of investors. Platforms like Bitwise and Grayscale already have a strong hold on the Ethereum Index Fund market.
At the time of writing, ETH was trading at $1,354 with a daily gain of 1.62 percent.