Canada Approves Three Ethereum ETFs in One Day

Purpose Investments, CI Global Asset Management, and Evolve ETFs have all received approval to launch exchange-traded funds (ETF) in Canada that offer exposure to ether.

All three ethereum ETFs will begin trading on April 20.

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. TradeBlock, a CoinDesk subsidiary, is the index provider for Purpose.

CI Global Asset management will launch CI Galaxy Ethereum ETF 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.

Evolve ETFs will launch ETHR with Gemini acting as a sub-custodian and CF Benchmarks as a benchmark price administrator.

The approvals come 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 applications 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.”

UPDATE (April 19, 14:00 UTC): The headline and story have been updated to reflect that three ETFs, not two, were approved by Canadian regulators.