Ethereum ETF Approved While ETH Gives Bullish Signals
The Ontario Securities Commission (OSC) from Canada has approved four Ethereum Exchange Traded Funds (ETFs) to be launched on April 20, 2021. The financial products were petition by CI Global Asset Management, Galaxy Digital, Purpose Investments, and Evolve ETFs.
Three months ago, Canada became the first country in North America to approve a Bitcoin ETF. At that moment, Purpose Investments received a “massive” advantage when it could launch its Bitcoin ETF a day before the competition, as stated by Bloomberg Intelligence ETF expert James Seyffart.
Now, the regulator seeks to create a “fairer” competition. The ETFs management fees will also be highly competitive with CI Galaxy offering 0.40%, Purpose 1%, Evolve 0.75%. Seyffart added:
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CI Global Asset Management (“CI GAM”) announced today that it has filed and obtained a receipt for a preliminary prospectus for CI Galaxy Ethereum ETF (“ETHX” or the “ETF”). When launched, it is expected to be the first ETF in the world to invest directly in Ether, the cryptocurrency built on the Ethereum blockchain.
“Cryptocurrencies are transforming the financial world, and we are excited to launch the world’s first ETF investing directly in Ether, one of the most highly valued cryptocurrencies,” said Kurt MacAlpine, Chief Executive Officer of CI Financial, the parent company of CI GAM.
“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 point
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