The Ontario Securities Commission has approved the launch of two ETFs for ether – from Purpose Investments and CI Global Asset Management. Earlier, the regulator was the first in North America to approve the launch of a Bitcoin ETF.
According to the applications submitted by the regulator, Purpose will become the manager of the Purpose Ether ETF, and Ether Capital Corporation will provide consulting services. ETH will be kept in cold storage. In this case, Gemini will act as an auxiliary custodian, and CIBC Mellon Global Securities will act as administrator of the fund.
CI Global Asset Management plans to launch the CI Galaxy Ethereum ETF on April 20 on the Toronto Stock Exchange (TSX). The company will charge a 0.4% commission for managing the fund. CI GAM will become the manager of the CI Galaxy Ethereum ETF, and Galaxy Digital Asset Management will act as a supporting advisor. Purpose Founder and CEO Som Seif said:
“While Bitcoin tends to get a lot of attention since it was the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting visions of new technology in society. By launching the world’s first ETF that directly owns and provides access to Ether, we are giving every investor access to this unique opportunity and ecosystem. ”
Recall that the Canadian regulator registered the first Bitcoin ETF in February this year, and a few days later approved the launch of the second ETF. Shortly after applying to launch a Bitcoin ETF, CI GAM and Galaxy applied to the Ontario Securities Commission to launch an Ether ETF for trading on the Toronto Stock Exchange.
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