Canadian authorities’ approval comes just over two months after the country approved its first bitcoin ETF.
Purpose Investments and CI Global Asset Management ETF application form have been approved to launch an ETF trading in Canada, giving large investors the ability to invest directly in this asset class.
Purpose is the regulator of Purpose Ether ETF and Ether Capital Corporation will act as an advisor. ETH will be held in cold storage overseen by Gemini and CIBC Mellon Global Securities acting as fund manager.
CI Global Asset Management will launch the CI Galaxy Ethereum ETF on April 20 on the Toronto Stock Exchange (TSX), subject to TSX approval. This company will charge a management fee of 0.4%. CI GAM is the ETF fund manager and Galaxy Digital Asset Management (“GDAM”) acting as the supporting advisor.
The move to approve these ETF quarters comes just two months after Canada approved the Purpose Bitcoin ETF, with 10,064 BTC in its first week of trading. Meanwhile, in the US, applications for Bitcoin ETF approvals are piling up in the hope that new SEC Director Gary Gensler might change the regulator’s attitude toward with an investment product like an ETF.
“While Bitcoin tends to get a lot of attention as it remains the largest by market cap, what ETH and the Ethereum ecosystem represent is one of the exciting new technological visions most currently on the market, ”Som Seif, founder and CEO of Purpose Investments, said in a statement. “By launching the world’s first ETF directly owned and provided with Ethereum exposure, we are giving every investor access to this amazing opportunity and ecosystem.” .
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