Several Wall Street firms apply to launch ether ETFs

Earlier this month, Wall Street firms launched the­­ bitcoin exchange-traded funds (ETFs). Now, 10 firms, including Fidelity Investments and BlackRock, have applied to launch Ether ETFs.

Ether cryptocurrency belongs to the Ethereum blockchain and is the second largest crypto after bitcoin.

Anticipating a potential approval from the Securities and Exchange Commission (SEC), ether value surged above $3,000 recently, reaching a market cap of roughly $390 billion. 

Bitcoin surpassed a $1 trillion valuation earlier this month.

The recent bitcoin ETFs approval from the SEC suggests similar moves could be possible for other cryptocurrencies in the US market.

The SEC faces a May deadline to approve or reject the applications for a spot ether ETF.