Fidelity, Grayscale, Bitwise Buy $110M Ethereum; BlackRock Adds $52.8M, Pushes Ethereum Staking ETF Approval

Fidelity, Grayscale, and Bitwise collectively purchased $110 million worth of Ethereum on May 22, 2025, signaling increased institutional interest in the cryptocurrency. Earlier, Fidelity and Grayscale had acquired $86 million worth of Ethereum, while Fidelity also bought 444.30 Bitcoin valued at $48.7 million. BlackRock intensified its Ethereum accumulation by purchasing $52.8 million worth of the cryptocurrency on May 23 and 24. Additionally, there are reports that BlackRock is lobbying the U.S. Securities and Exchange Commission (SEC) to approve an Ethereum staking exchange-traded fund (ETF), which, if successful, could potentially drive Ethereum's price toward $10,000. These developments highlight growing institutional investment activity and regulatory engagement around Ethereum and related financial products.