It’s Time for Ethereum: Two Ether ETF Approved by Canadian Securities Regulators
One of the products is from Purpose Investments, which launched the world's first Bitcoin ETF that has amassed 18,500 BTC in just two months, and another is from Mike Novogratz’s Galaxy Digital.
While Bitcoin exchange-traded funds have been the talk of the town, Ethereum is not far behind as Canada approves two Ether ETFs in one day.
Canadian securities regulators have cleared asset manager Purpose Investments to launch the first direct Ether ETF in the world.
Som Seif Founder, and CEO of Purpose Investments
“While Bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society.”
On February 18th, the company launched the world’s first Bitcoin ETF, which currently manages nearly 18,500 BTC, with assets under management (AUM) reaching CAD 1.43 billion ($1.14 billion). BTC -1.16% Bitcoin / USD BTCUSD $ 47,481.71
-$550.79-1.16% Volume 32.05 b Change -$550.79 Open $47,481.71 Circulating 18.82 m Market Cap 893.5 b 1 h $1.5 Trillion Asset Manager Franklin Templeton Eyes Crypto With Latest Filing 2 h AMC Entertainment to Accept Bitcoin, Ether, and other Cryptocurrencies as Payment 3 h Skybridge Capital Announces Intentions For Algorand (ALGO) Crypto ETF
Brian Mosoff Ether Capital CEO
“Ether is the cryptocurrency we believe has the most potential for the future and is where our expertise really lies. Building this ETF is not only a natural extension to the Purpose Investments digital asset lineup, but a natural fit for us at Ether Capital working alongside Purpose.”
Purpose will act as the manager of the ETF while Gemini is the sub-custodian and CIBC Mellon Global Securities Services Company acting as fund administrator.
The second Ether ETF approved is CI Galaxy Ethereum ETF by CI Global Asset Management and Mike Novogratz’s Galaxy Digital.
With a management fee of 0.40%, the ETF will also invest directly into Ether and is expected to start trading on the Toronto Stock Exchange (“TSX”) on April 20, 2021, subject to TSX approval.
They also launched a CI Galaxy Bitcoin ETF last month with the lowest management fee.
CI GAM is the manager of the Ether ETF, and Galaxy Digital Asset Management serves as the sub-advisor.
Steve Kurz Partner and Head of Asset Management at Galaxy Digital
“The CI Galaxy Ethereum ETF gives investors a simplified path to benefit from the explosion of decentralized applications being built on Ethereum.”