Purpose Investments, Evolve ETFs, and CI Global Asset Management are set to launch the world’s first Ethereum ETF
Purpose Investments, Evolve ETFs, and CI Global Asset Management were all approved by Canadian regulators to launch Ethereum-backed ETFs today. The ETFs will be the first Ethereum ETFs in North America, and among the first in the world. The ETF’s daily NAV will be priced based on the daily spot price of the TradeBlock ETX Index.
“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,” said Som Seif, founder and CEO of Purpose Investments. “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.”
Brian Mosoff, CEO of Ether Capital said, “Our role in Purpose Ether ETF is to help make sure the more complex aspects of cryptocurrency ownership and transactions fit together. We focused on addressing key issues relating to Ether custody, transactions and liquidity. Ether is the cryptocurrency we believe has the most potential for the future and is where our expertise really lies. Building this ETF is not only a natural extension to the Purpose Investments digital asset lineup, but a natural fit for us at Ether Capital working alongside Purpose.”
James Seyffart, a reporter for Bloomberg said that the CL Galaxy and the Purpose ETF funds will begin trading on 4/20. Likewise, Evolve’s Ethereum ETF — which they first filed for in March — will begin trading on the same day.
Updating yet again… @CIGlobalAsset & @GalaxyDigital just got approval for their #Ethereum ETF alongside @PurposeInvest‘s. I THINK both will begin trading on … wait for it … 4/20 — Amazing @elonmusk https://t.co/SNFY4jNpUa pic.twitter.com/4ZUSCJEVQ5
— James Seyffart (@JSeyff) April 16, 2021
Purpose’s Bitcoin ETF cracked $100 million in its first day of trading. Earlier this month, the company surpassed $1.4 billion in assets after its massive debut in February.
Read more:
- VanEck Launched A New Exchange-Traded Fund (ETF) On Nasdaq That Aims To Track Companies Working In The Digital Asset Space
- Galaxy Digital, The Financial Services Firm Led By Michael Novogratz, Is The Latest Entity To File With The SEC For A Bitcoin ETF