Canada approves 3 Ethereum ETFs

Ethereum ETF

Man, Canada has been killing it! While the United States is stuck in limbo when it comes to crypto exchange traded funds, Canada has just approved 3 Ethereum ETFs.

These come after regulators in the country have already approved 3 successful Bitcoin ETFs, and even gave the green signal to the first inverse Bitcoin ETF.

The 3 Ether ETFs debuted on the Toronto Stock Exchange on April 20, 2021 in a clear sign that regulators up north are approving cryptocurrency ETFs more quickly than United States.

These are provided by CI Global Asset Management, Purpose Investments, and Evolve ETFs — all three are recognizable names in the investment space, with both Purpose and Evolve already sponsoring crypto ETFs.

CI Global Asset Management is joining the fray. CI Global is, of course, the same company that is working with Bitcoin bull and billionaire investor Mike Novogratz. His organization, Galaxy Digital, has also applied for a Bitcoin exchange traded fund aiming for a listing in the US after regulatory approval.

Drilling down into the details, the Purpose Ether ETF will have exposure to physically settled Ether with three unique units ETHH, ETHH.B, and ETTH.U. The first two Purpose based units will leverage CAD, while the third one will utilize USD.

On the other hand, the CI Global Asset Management and Galaxy Digital backed ETFs will both use USD and CAD units on the TSX.

No shortage of voices hoping that the Securities and Exchange Commission does the same in the United States, in what will be a first for the regulator. Much rests on the shoulders of the new SEC chairman who has just taken charge, and now has 8 application on his desk.

Full plate for Gary Gensler.


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