World's Primary Ethereum ETF Might Get Approved Soon.
2021-02-25 | Mike Hallen
The world’s primary Ethereum ETF [Exchange-traded Fund] might soon be possible after CI Global Asset Management filed a
legal prospectus within Canada today.
Within the official
announcement, the firm revealed that its proposed “CI Galaxy Ethereum ETF” would be
the primary ETF
within the world
to take a position directly in Ethereum [
ETH, -3.34%], the native cryptocurrency of the Ethereum network.
If approved, the ETF would trade on the Toronto
stock exchange [TSX] under the ticker “ETHX.”
Galaxy Digital Capital Management LP will act
as the ether sub-adviser and execute trading on behalf of the ETF.
ETHX will invest directly in Ethereum with its holdings priced employing the Bloomberg Galaxy Ethereum Index, owned by Bloomberg Index Services.
“Ethereum
is the leading candidate to be
the bottom layer of Web 3.0, and ether
is a growth asset
that gives investors exposure to the explosion of DApps [Decentralized Applications],” explained Mike Novogratz, chairman, and CEO of Galaxy Digital,
within the announcement.
The ether ETF may have
a good chance of being approved. Earlier last week, two bitcoin ETFs were listed in Canada.
CI Global also recently filed a
herring for a Bitcoin [
BTC, +1.04%] ETF,
which might even be in partnership with Galaxy Digital.
Leave a comment
Your email address will not be published. Required fields are marked *
