Money management giant Fidelity is seeking to create an exchange-traded fund that owns Ethereum's ether (ETH), according to a Friday filing, joining rival BlackRock in strengthening its crypto embrace.

The Fidelity Ethereum Fund would be listed by an exchange owned by Cboe Global Markets, which posted the fling that revealed the existence of the proposed product. But first, the U.S. Securities and Exchange Commission must decide whether to approve the ether ETF, as it must for others including one from BlackRock, which was revealed earlier this month.