Canada approved crypto-exchange traded funds (ETFs) faster than the United States, and after three successful bitcoin ETFs, the country approved three etherum-based ETFs. The three eater ETFs in Canada will launch on April 20, 2021 on the Toronto Stock Exchange (TSX).
Three Ethereum ETFs to launch in Canada next week
Back in February, Bitcoin.com News reported on the launch of the first North American bitcoin exchange-traded fund. A few days later, the fund called it the “Purpose Bitcoin ETF”, with a large amount of $ 165 million traded at the time. The three new ether-based 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 intends to join the fight. CI Global is partnering with Bitcoin Bull and billionaire investor Mike Novogratz’s Galaxy Digital. Novogratz’s organization has also applied for an exchange-traded fund with bitcoin aimed at being listed in the US with regulatory approval.
Bloomberg Intelligence senior ETF analyst Eric Balchunas tweeted Friday about the three approvals.
“Canada approves three Ethereum ETFs to be launched Tuesday,” Balchunas wrote. ‘Seems more fair than giving Purpose another important lead. The SEC should / will probably do the same here, ”he added.
Canada’s Crypto ETF approvals continue to exceed US
Ethereum did very well in lure markets and traded for over $ 2400 per unit this weekend. The digital asset hit an all-time high on April 16, 2021, reaching $ 2,533 per ETH. Ethereum has risen by 1 317.64% over the past 12 months and this week by 13.3%. Evolve’s prospectus shows that the ETF will trade under the type “ETHR”. The ETF will use the CF Dollar Reference Rate (ETHUSD_RR).
The Purpose Eater ETF will have exposure to physically established ether with three unique units 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 ETFs will use both USD and CAD units on TSX.
With three bitcoin ETFs approved in Canada and three etherum-based ETFs approved, the country’s regulators appear to be optimistic about these investment vehicles. Unlike the U.S. Securities and Exchange Commission (SEC), which has yet to approve another U.S. ETF but has eight applications on the table.
What do you think of the three ethereum ETFs approved to list on TSX next week? Let us know what you think of this topic in the comments below.
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