Canada approves world’s first Ethereum-based ETFs

Canadian regulators have approved the launch of the Purpose Ether ETF, the CI Galaxy Ethereum ETF and the Evolves Ether ETF — the world’s first Ethereum-based ETFs from Purpose Investments, CI Global Asset Management and Evolve Funds, respectively.

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

Gemini has been named the sub-custodian for the Purpose Ether ETF. The fund administrator will be CIBC Mellon Global Securities, and Ether Capital will advise.

CI Galaxy Ethereum ETF will list on the Toronto Stock Exchange upon approval. The fund plans a management fee of 0.4%. Its adviser will be the crypto bank Galaxy Digital led by Mike Novogratz.

Gemini was named the sub-custodian for Evolves Ether ETF. On 20 April, the company plans to launch the instrument on the Toronto Stock Exchange.

Canada approved the launch of the world’s first ETFs based on the second-largest cryptocurrency two months after registration of the first bitcoin-ETF. At the time, the application from Purpose Investments was considered.

Earlier in March, Canada approved the launch of a bitcoin-ETF from CI Global Asset Management and Galaxy Digital. Later, Brazil registered the first Latin American exchange-traded fund based on the first cryptocurrency.

The U.S. Securities and Exchange Commission has begun reviewing applications from investment firm VanEck and asset manager WisdomTree for launching a bitcoin-ETF.

In addition, applications for a bitcoin ETF based on digital gold were filed by NYDIG, Bitwise, Valkyrie Digital Assets, Kryptoin, SkyBridge Capital with First Trust Advisors, Fidelity Investments and Galaxy Digital.

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