Canada has adopted crypto exchange-traded funds (ETF) faster than the United States, and after three successful bitcoin ETFs, the country has approved three ethereum-based ETFs. The three ether ETFs in Canada will debut on the Toronto Stock Exchange (TSX) on April 20, 2021.
Three Ethereum ETFs will launch in Canada next week
In February, Bitcoin.com News reported on the launch of the first North American exchange-traded bitcoin fund. A few days later, the fund called “Purpose Bitcoin ETF” captured massive volume with $ 165 million traded at the time. The three new ether ETFs are provided by CI Global Asset Management, Purpose Investments and Evolve ETFs. All three will appear on the Toronto Stock Exchange (TSX) this Tuesday.
Both Purpose and Evolve are already sponsoring crypto ETFs, and CI Global Asset Management is looking to join the fray. CI Global partners with Bitcoin bull and billionaire investor Mike Novogratz’s Galaxy Digital. Novogratz’s organization has also filed for a bitcoin exchange-traded fund to be listed in the US with regulatory approval.
Bloomberg Intelligence senior ETF analyst Eric Balchunas tweeted about the three approvals on Friday.
“Canada approves three Ethereum ETFs to launch Tuesday,” Balchunas wrote. “Seems fairer than giving Purpose another crucial lead. The SEC should / will do the same here, ”he added.
Canada’s Crypto ETF approvals continue to outpace the US
Ethereum is doing very well in spot markets, trading for more than $ 2,400 per unit this weekend. The digital asset hit an all-time high on April 16, 2021, hitting $ 2,533 per ETH. Ethereum is up a whopping 1,317.64% in the last 12 months and is up 13.3% this week. Evolve’s prospectus shows that the ETF will trade under the ticker “ETHR”. The ETF uses the CF Benchmarks Ether-Dollar Reference Rate (ETHUSD_RR).
The Purpose Ether ETF will be exposed to physically settled ether with three unique units of ETHH, ETHH.B and ETHH.U. The targeted ETHH units will use CAD and ETHH.U will use USD. The CI Global Asset Management and Galaxy Digital-backed ETF will use both USD and CAD units on TSX.
With three bitcoin ETFs approved in Canada and three ethereum-based ETFs also approved, the country’s regulators appear to be optimistic about these investment vehicles. Unlike the US Securities and Exchange Commission (SEC), which does not yet have 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 about this topic in the comments section below.
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