While gaining exposure might still be difficult south of the United States-Canada border, Canadian investors will shortly have a number of options to settle on to realize exposure to Ethereum [ETH] via an ETF as regulators have approved three different Ethereum ETFs within a single day.
Purpose Investments, Evolve ETFs, and CI Global Asset Management were all approved by Canadian regulators to launch Ethereum-backed ETFs today. The ETFs are going to be the primary ETH ETFs to be launched in North America, and among the primary within the world.
Some observers outlined that all three being approved directly might be part of an attempt to not give Purpose an “unfair advantage”. The purpose seemed to gain a foothold after the launch of the wildly popular Purpose Investments ETF, the primary North American Bitcoin ETF that quickly swelled to $1.3 Bln in AUM while competitors waited for approval. Rival Evolve Fund Group’s Bitcoin ETF only managed to draw in $100 Mln in AUM, despite launching only two days later than Purpose and offering 25% fewer management fees.
Within an official Tweet, a reporter for Bloomberg added that the CL Galaxy and therefore the Purpose ETF funds will begin trading starting from 20th this month- a date he thought would please Elon Musk, given its marijuana culture connection. Likewise, Evolve’s ETH ETF – which they first filed for earlier in March – will begin trading on the same day.
The Canadian stock exchange has already demonstrated a big appetite for exposure to crypto-assets. The previous exchange-traded Ethereum products led to plugging halts on the primary day of listing, and Purpose’s Bitcoin ETF cracked $100 Mln on its very first day of trading.