A Canadian asset manager, CI Financial, with assets under management of about $180 billion, filed with the Ontario Securities Commission (OSC) to launch an exchange-traded fund (ETF) based on Ethereum. The adviser will be the cryptocurrency bank Galaxy Digital, led by Mike Novogratz..
CI Global Asset Management Files Preliminary Prospectus for CI Galaxy Ethereum ETF, the world’s first ever ETH ETF filing. https://t.co/IH4ISkMlkU
— Mike Novogratz (@novogratz) February 25, 2021
CI Galaxy Ethereum ETF, ticker ETHX, could list on the Toronto Stock Exchange (TSX) and become the world’s first such regulated instrument.
ETHX will invest directly in Ethereum and be valued based on the Bloomberg Galaxy Ethereum Index. Galaxy Digital will handle trading operations.
“Ethereum is the leading candidate to serve as the base layer for Web 3.0, and Ether is an asset providing access to a growing number of decentralized applications,” said the founder of the crypto bank, Mike Novogratz.
In December, CI Financial and Galaxy Digital received approval in Canada to begin trading the created биткоин-фондом and later filed a joint application for an ETF based on the first cryptocurrency.
In January, Galaxy Digital announced the launch of three Ethereum funds for large investors. It was timed with the launch of trading futures on the second-largest cryptocurrency on the Chicago Mercantile Exchange.
In February, Mike Novogratz predicted the approval by the US Securities and Exchange Commission of a Bitcoin ETF this year.
Earlier in Canada, regulators approved two applications for an ETF based on the first cryptocurrency from Evolve Funds Group and from Purpose Investments.
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