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Fidelity Drops Staking Plans in Updated Ether ETF Filing
Annualized yields on ether staking are nearly 3% as of Tuesday, data from popular staking service Lido shows.
Updated May 21, 2024, 6:22 p.m. Published May 21, 2024, 11:40 a.m.
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- Fidelity has amended its S-1 filing with the SEC, indicating that it will not stake ether in its proposed spot exchange-traded fund.
- Staking involves locking cryptocurrencies to support blockchain operations in return for rewards, with annualized yields on ether staking currently around 3%.
An S-1 update filed to the U.S. Securities and Exchange Commission early Tuesday showed that Fidelity has rolled back plans to stake ether holdings in its proposed spot exchange-traded fund (ETF).
In previous filings, the firm said it intended to “stake a portion of the trust’s assets” to “one or more” infrastructure providers. However, it clearly stated in Tuesday’s update that it would “not stake the ether” stored with the custodian.
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Staking is the process of locking certain cryptocurrencies for a set period of time to help support the operation of a blockchain, in turn, for a reward. These rewards are largely considered passive income among crypto traders.
Data from popular staking service Lido shows that annualized yields on ether staking were nearly 3% as of Tuesday.
CoinDesk reported on Monday, that the U.S. Securities and Exchange Commission (SEC) asked aspiring ether exchange-traded fund exchanges to update 19b-4 filings ahead of a key deadline this week – boosting expectations of an ETH ETF.
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