After founding the first two Bitcoin ETFs in North America last week, Canadian authorities have now set their sights on an even loftier goal – being the first country in the world to found an ETF for Ethereum.
First Of Its Kind
If the filing is approved, the ETF will be traded on the Toronto Stock Exchange (TSX) as ETHX.
CI Global Asset Management released a statement outlining their action plan, stating that cryptocurrencies are not only here to stay – they are changing the way the financial world operates. As a result, they intend to stay well ahead of the curve by founding an ETF for the 2nd largest cryptocurrency by market cap.
According to Kurt McAlpine – the CEO of CI Financial, which is CI GAM’s parent company – the ETH ETF will reduce the number of hoops traditional investors have to jump through before investing in what they see as the future of currency.
“CI is quickly establishing a leadership position in this space, having launched CI Galaxy Bitcoin Fund and recently filing a preliminary prospectus for CI Galaxy Bitcoin ETF, in partnership with blockchain and cryptocurrency experts Galaxy Digital. With these funds, we are reducing the friction points that investors have traditionally faced in buying and holding cryptocurrencies. CI Galaxy Ethereum ETF is an important addition to that lineup as this emerging asset class gains increasing interest and validation.”
Furthermore, Mike Novogratz – the Chairman and Chief Executive Officer of Galaxy Digital Holdings – stated that Ethereum’s decentralized nature that lends itself to building applications on it’s blockchain stands to become a pillar of the so-called “Web 3.0”.
If approved, ETHX will invest directly in Ethereum using its holdings – which will be priced using the Bloomberg Galaxy Ethereum Index, which is owned by Bloomberg Index Services.
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