Canadian investment firms Purpose Investments and CI Global Asset Management announced that have received regulatory approval to launch ETF traded funds pegged to Ethereum.
Two months after issuing permission to launch the world’s first Bitcoin ETF, the Canadian regulator approved two applications for the creation of two ETFs tied to the price of Ethereum. As with the Bitcoin ETF, this is the first time a national crypto ETF has been officially approved by a national regulator, whose securities will be traded on a traditional exchange.
According to Purpose Investments, their ETF is designed to provide investors with access to cryptocurrency by investing directly in Ether tokens, which will be stored in cold storage. US crypto exchange Gemini of twins Tyler and Cameron Winklevoss acts as a partner, and CIBC Mellon Global Securities acts as fund administrator. In February, the company launched the world’s first Bitcoin ETF.
The second approved ETF from CI Global Asset Management (CI Galaxy Ethereum ETF) is expected to be listed on the Toronto Stock Exchange (TSX) on April 20. CI GAM acts as ETF manager and Galaxy Digital Asset Management as a support advisor.