Canada is making a name for itself in cryptocurrency market. Two months after approving the world’s first Bitcoin ETF, Canadian regulators have approved the world’s first Ethereum exchange-traded fund (ETF).
The approval was given to Toronto-based asset management firm, Purpose Investments. Recall that the company was also the first to receive Bitcoin ETF approval from the Ontario Securities Commission (OSC) back in February.
According to the official announcement on April 16, Purpose will manage the ETF, and Ether Capital Corporation will act as a special advisor to Purpose.
Purpose Investments CEO Som Seif expressed his delight, according to him, Ethereum is one of the most exciting technologies in the crypto space.
Looks like history is repeating itself… We’ve been cleared to launch the WORLD’s FIRST ETHER ETF. Stay tuned 🚀 @Gemini @Coinbase @GenesisTrading @TradeBlock @ethcap #ether #cryptocurrency https://t.co/sAgpgDzL57
— Purpose Investments (@PurposeInvest) April 16, 2021
The CI Galaxy Ethereum ETF Fund plans to charge a management fee of 0.4%.
It’s official! We’re proud to announce that we’ll be launching the CI Galaxy Ethereum ETF — the world’s first Ether ETF with the world’s lowest management fee of any Ether ETF globally at 0.40% — on April 20. Read more: https://t.co/4FwjealJu9#Ethereum #ETFs @GalaxyDigitalHQ pic.twitter.com/HH8DVouttu
— CI Global Asset Management (@CIGlobalAsset) April 16, 2021
The custodian of the Evolves Ether ETF is Gemini. On April 20, the company plans to launch the instrument on the Toronto Stock Exchange.
We're launching! Evolves Ether ETF will be trading Tuesday, April 20th! Stay tuned for more information and review our press release here. https://t.co/JfWLamgU9w
— Evolve ETFs (@EvolveETFs) April 16, 2021
The price of ether has been rising over the past week, rising by 35.9% due to the Berlin hard fork and a host of events, reaching an all-time high. The situation is expected to improve with the introduction of ETFs, which are likely to have a positive impact on the price.
These ETFs will be available on the Toronto Stock Exchange (TSX) by April 20. Recently, Ethereum has attracted a lot of interest from institutional investors and corporate structures, as the second largest cryptocurrency in the world by market capitalization revolutionizes the blockchain industry and changes their perception about crypto.