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Canada's CI Global Files for What Would Be World's First Ether ETF
If approved, the ETF would trade on the Toronto Stock Exchange under the ticker “ETHX.”
The world’s first ether exchange-traded fund (ETF) may be on the way, after CI Global Asset Management filed a preliminary prospectus in Canada on Thursday.
STORY CONTINUES BELOW
- In an announcement, the firm said its proposed “CI Galaxy Ethereum ETF” would be the first ETF in the world to invest directly in ether, 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 ether with its holdings priced using the Bloomberg Galaxy Ethereum Index, owned by Bloomberg Index Services.
- “Ethereum is the leading candidate to be the base layer of Web 3.0, and ether is a growth asset that provides investors exposure to the explosion of decentralized applications,” said Mike Novogratz, chairman and CEO of Galaxy Digital, in the announcement.
- The ether ETF may have a reasonable chance of being approved. Last week, two bitcoin ETFs were listed in Canada.
- CI Global also recently filed a preliminary prospectus for a bitcoin ETF, which would also be in in partnership with Galaxy Digital.
Read more: CoinShares Launches Physically Backed Ethereum ETP With $75M in AUM
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
