Toronto-based asset management firm Purpose Investments has received approval from Canadian securities regulators to launch an Ethereum ETF exchange, according to a press release April 16.
This happened two months after the Ontario Securities and Exchange Commission (OSC) confirmed the company’s pioneering Bitcoin ETF list in February.
Along with Purpose Investments, two other funds, Evolve ETF and CI Global Asset Management, have both been approved by Canadian regulators to launch ETFs on the same day. This will be the first ETH ETF in North America and one of the first in the world.
In a tweet, a Bloomberg correspondent said the CL Galaxy fund and Purpose ETF will begin trading on April 20. Likewise, Evolve’s Ethereum ETF – which they filed for the first time in March – will begin trading on the same day.
Purpose Investments CEO Som Seif stated that Ethereum is “one of the most exciting technologies” to date:
“While Bitcoin tends to get a lot of attention as it is the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting new technological visions today in society. “.
The Canadian stock market has demonstrated a significant appetite for crypto assets. The Purpose Bitcoin ETF has raked in $ 100 million on its first day of trading, they’ve also crossed the $ 1 billion mark in assets since launch.
The US Securities and Exchange Commission has yet to approve ETFs as new filings from people like Van Eck and Fidelity continue to pile up.