Canadian asset management company CI Global applies for the world's first Ethereum ETF

Asset management firm CI Global filed a prospectus in Canada on Thursday for the world’s first Ethereum exchange-traded fund (ETF).

According to the application documents, the company’s planned “CI Galaxy Ethereum ETF” will become the world’s first ETF product to directly invest in Ethereum, the second largest cryptocurrency by market value.

If the application is approved, the ETF will trade on the Toronto Stock Exchange under the ticker symbol “ETHX.” Galaxy Digital will serve as the fund’s adviser and execute trades on behalf of the ETF.

ETHX will invest directly in Ethereum, and its Ethereum holdings will be priced using the Bloomberg Galaxy Ethereum Index.

Mike Novogratz, chairman and CEO of Galaxy Digital, said in the announcement, “The Ethereum network is a prime candidate to become the infrastructure for Web 3.0, and its native token is a growth asset that provides investors with the opportunity for the explosion of decentralized applications.”

According to BitPush, Canada is becoming a center for cryptocurrency ETFs. Last week, Purpose and Evolve's Bitcoin ETFs were listed on the Toronto Stock Exchange. CI Global also recently submitted an application for a Bitcoin ETF, which also cooperated with Galaxy Digital.

Through cryptocurrency ETF products, new investors can easily enter the crypto market. Raj Lala, President and CEO of Evolve, said, "Investors can participate in the Bitcoin market through their brokerage accounts. The asset has become a reliable store of value, unrelated to other major asset classes."

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AuthorLiang Che

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