Ethereum ETFs are being launched three times in Canada


Canada lives up to its reputation as a crypto-friendly nation. After the first Bitcoin ETF in North America, the first Ethereum variants are now coming. This is now putting the SEC in neighboring USA even more under pressure.

While the SEC is still struggling with the approval of a Bitcoin ETF in the USA, neighboring Canada is pushing ahead. After the first Bitcoin, there is now also approval for three Ethereum-based ETFs. Purpose Investments, CI Global Asset Management and Evolve ETFs all received approval almost simultaneously to launch such an exchange-traded fund in Canada. The ETFs will be the first of their kind in North America and will be among the first Ethereum ETFs in the world.

Like a Bloomberg expert rolled into one Tweet noted, this triple approval could indicate that Purpose was not trying to give Purpose an unfair advantage. Purpose is already behind the first Bitcoin ETF in North America. This hit investors so hard that deposits quickly exceeded the billion mark. Purpose’s competitors, who also submitted an application, are still waiting for approval. For comparison: The Bitcoin ETF of the rival Evolve Fund Group brought in “only” 100 million CAD in investor money. It started just two days later as Purpose and also charged 25 percent less administration fees.

ETF approval beneficial for all investors

Even though these newly approved funds are all based on ETH, there is increasing pressure on the US Securities and Exchange Commission to finally grant the first application for a Bitcoin ETF. The next deadline for a decision expires on April 29th. Our current comment on the topic argues that Bitcoin fans who do not even invest in the ETF would also benefit from the approval.

In terms of their status, ETFs are special assets and enjoy the same protection as actively managed funds. Specifically, this means for investors that their money is kept separate from the assets of the respective fund company. If this gets into financial difficulties, the investors’ money is not affected. Trading of the three Ethereum ETFs will begin on April 20th on the Toronto Stock Exchange (TSX).

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Bitcoin enjoys a lot of attention because it was the first major cryptocurrency. But Ether and the Ethereum ecosystem are undoubtedly one of the most exciting new technology visions. By being the first ETF to directly own and engage in Ether, we are giving every investor access to this unique ecosystem

said Som Seif, founder and CEO of Purpose Investments, in a statement.