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Bitcoin ETF, CAD, Canada, CI Global Asset Management, Crypto, etfs, ETH, ETH ETF, ETH Exchange Traded Fund, Ethereum, Ethereum (ETH), Evolve, Exchange Traded Fund, Galaxy Digital, Purpose, USD
Canada has approved crypto exchange-traded funds (ETFs) faster than the United States, and after the success of three successful Bitcoin ETFs, Canada has also approved three Ethereum-based ETFs. Canada’s three Ethereum ETFs will make their debut on the Toronto Stock Exchange (TSX) on April 20, 2021.
As early as February, Bitcoin.com News reported on the launch of the first North American Bitcoin exchange-traded fund. A few days later, the fund was called the “target bitcoin ETF”, and the trading volume was 165 million US dollars at that time, which was huge. CI Global Asset Management, Purpose Investment and Evolve ETF will provide three new ether-based ETFs. These three will be listed on the Toronto Stock Exchange (TSX) this Tuesday.
Both Purpose and Evolve have sponsored crypto ETFs, and CI Global Asset Management’s goal is to join the competition. CI Global is working with Bitcoin bull market and billionaire investor Mike Novogratz’s Galaxy Digital. Novogratz’s organization also applied for a Bitcoin exchange-traded fund, which aims to be listed in the United States subject to regulatory approval.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, tweeted three approvals on Friday.
Balchunas wrote: “Canada is approving three Ethereum ETFs for launch on Tuesday.” “It seems fairer than giving the purpose a key role again. The SEC should/may be doing the same thing here,” he added.
Ethereum has been performing very well in the spot market, with a transaction price of more than $2,400 this weekend. The digital asset hit a record high on April 16, 2021, reaching US$2,533 per ETH. Ethereum has risen by 1,317.64% in the past 12 months and has risen by 13.3% this week. Evolve’s prospectus shows that the ETF will be traded under the stock symbol “ETHR”. The ETF will use the CF-based U.S. dollar reference exchange rate (ETHUSD_RR).
The target ether ETF will be exposed to the physically settled ether through three unique units ETHH, ETHH.B and ETHH.U. The purpose-based ETHH unit will use Canadian dollars, while ETHH.U will use US dollars. The ETF supported by CI Global Asset Management and Galaxy Digital will use both U.S. dollar and Canadian dollar units on TSX.
As Canada has approved three Bitcoin ETFs and three Ethereum-based ETFs, Canadian regulators seem to be optimistic about these investment vehicles. Unlike the US Securities and Exchange Commission (SEC), the latter has not yet approved the US ETF, but there are eight applications on its desktop.
What do you think of the three Ethereum ETFs approved to be listed on the Toronto Stock Exchange next week? Let us know your thoughts on this topic in the comments section below.
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