Canada Approves Three Ethereum ETFs, the Ether Funds Launching on TSX Next Week






Canada has been approving exchange-traded funds (ETFs) faster than the United States and after three successful bitcoin ETFs, the country has approved three ethereum-based ETFs. All three Ether ETFs in Canada will debut on the Toronto Stock Exchange (TSX) on April 20, 2021.

Three Ethereum ETFs to Launch in Canada Next Week

In February, News reported the launch of North America’s first exchange-traded bitcoin fund. A few days later, the fund called “Purpose Bitcoin ETF” captured a massive volume with $ 165 million traded at the time. The three new ether-based ETFs will be provided by CI Global Asset Management, Purpose Investments and Evolve ETF. All three will be listed on the Toronto Stock Exchange (TSX) this Tuesday.

Both Purpose and Evolve already sponsor crypto ETFs, and CI Global Asset Management aims to join the fray. CI Global is working with Bitcoin bull and billionaire investor Mike Novogratz’s Galaxy Digital. Novogratz’s organization has also applied for a bitcoin exchange-traded fund that intends to list in the US with regulatory approval.

Bloomberg Intelligence senior ETF analyst Eric Balchunas tweeted about the three approvals on Friday.

“Canada is approving the launch of three Ethereum ETFs on Tuesday,” Balchunas wrote. “It seems fairer than giving Purpose a crucial advantage again. The SEC should / prob will do the same here, ”he added.

Crypto ETF approvals from Canada continue to outshine the US.

Ethereum has done very well in the spot markets and has been trading for more than $ 2,400 per unit this weekend. The digital asset touched an all-time high on April 16, 2021, reaching $ 2,533 per ETH. Ethereum is up a whopping 1,317.64% over the last 12 months and 13.3% this week. The Evolve prospectus shows that the ETF will trade under the ticker symbol “ETHR”. The ETF will take advantage of CF Benchmarks’ Ether-Dollar benchmark rate (ETHUSD_RR).

The Purpose ether ETF will be exposed to physically settled ether with three unique units ETHH, ETHH.B and ETHH.U. Purpose-based ETHH units will leverage CAD and ETHH.U will use USD. The ETF backed by CI Global Asset Management and Galaxy Digital will use USD and CAD units also in TSX.

With three bitcoin ETFs approved in Canada and three ethereum-based ETFs also approved, the country’s regulators appear to be bullish on these investment vehicles. Unlike the US Securities and Exchange Commission (SEC), which has yet to approve a US ETF, but has eight applications on its desk.

What do you think of the three ethereum ETFs approved to be listed on TSX next week? Let us know what you think on this topic in the comment section below.