Three new Canadian-based exchange traded funds (ETFs) that track the price of cryptocurrency Ethereum (Ether) begin trading today (April 20).
Purpose Investments, CI Global Asset Management, and Evolve ETFs have each received approval to launch ETFs in Canada that offer exposure to Ether. All three Ether ETFs will begin trading when markets open this morning.
Approval of the Ether ETFs comes a little over two months after Canada approved the Purpose Bitcoin ETF. Meanwhile, in the U.S., Bitcoin ETF applications have been piling up in the hope that the Securities and Exchange Commission (SEC) will finally approve them after previously rejecting them as too risky.
Toronto-based investment firm Purpose is the manager of the new “Purpose Ether ETF” and Ether Capital Corporation will consult. The Ether 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 today launch its “CI Galaxy Ethereum ETF” that charges a 0.4% management fee. CI GAM is the manager of the ETF and Galaxy Digital Asset Management will serve as the sub-advisor.
Evolve ETFs will launch ETHR with Gemini acting as a sub-custodian and CF Benchmarks as the price administrator.