Fidelity Adds Staking to Ether ETF Application, Sending LIDO Up 9%

• Fidelity wants to give traders of its potential Fidelity Ethereum Fund the ability to stake some of the assets.
• The asset manager filed to launch an ethereum exchange-traded fund (ETF) in November.
• Other potential issuers include BlackRock, Ark Invest and Grayscale.

Money management giant Fidelity wants to allow traders of its potential ethereum fund to be able to stake some of the assets, it wrote in an amendment with the U.S. Securities and Exchange Commission (SEC).

“According to the Registration Statement, the Sponsor may, from time to time, stake a portion of the Fund’s assets through one or more trusted staking providers, which may include an affiliate of the Sponsor (“Staking Providers”),” Fidelity wrote in a 19b-4 form on Monday.

Lido, the staking protocol that is supported on the Ethereum network, jumped 9% on the news, to a price of $2.64 before falling back slightly.

Fidelity joined the race to launch an ethereum exchange-traded fund (ETF) in November. Other potential issuers include BlackRock, Ark Invest and 21Shares, and Grayscale.

Experts currently see a slim chance that such an ETF will be approved by the SEC before the next deadline of May 23.