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Canada Approves Two Ethereum ETFs in One Day

Purpose Investments and CI Global Asset Management both received approval to launch an exchange-traded fund (ETF) in Canada that offers exposure to ether.

Purpose is the manager of Purpose Ether ETF and Ether Capital Corporation will consult. The ETH will be kept in cold storage with Gemini acting as the sub-custodian and CIBC Mellon Global Securities acting as the fund administrator.

CI Global Asset management will launch CI Galaxy Ethereum ETF on April 20 on the Toronto Stock Exchange (TSX), subject to TSX approval. It will charge a 0.4% management. CI GAM is the manager of the ETF and Galaxy Digital Asset Management (“GDAM”) serves as the sub-advisor.

Related: Bitcoin Stabilizes After Weekend Selloff; Resistance Around $59K

The approval comes a little over two months after Canada approved the Purpose Bitcoin ETF which held 10,064 BTC in the first week of trading. Meanwhile, in the U.S., bitcoin ETF approvals have been piling up in the hope that new Securities and Exchange Commission (SEC) Chief Gary Gensler could change the regulatory agency’s attitude to the novel investment product.

“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,” Som Seif, founder and CEO of Purpose Investments, said in a statement.  “By launching the first ETF in the world that directly owns and provides exposure to ether, we are enabling every investor to have access to this unique opportunity and ecosystem.”

Purpose ETF is designed to provide investors with exposure to ether by investing directly in physically settled ether. The ETF will offer three classes of units: Canadian dollar currency hedged units (ETHH), Canadian dollar non-currency hedged units (ETHH.B) and U.S. dollar units with ticker units (ETHH.U). TradeBlock, a CoinDesk subsidiary, is the index provider for Purpose.

CI Galaxy Ethereum ETF will trade in Canadian dollars (ETHX.B, unhedged) and in U.S. dollars (ETHX.U).

Related: Digital Assets Firm Taurus to Launch Securities Marketplace After Getting Swiss License

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