Bitcoin ETFs, CAD, Canada, CI Global Asset Management, Crypto, etfs, ETH, ETH ETFs, ETH exchange-traded fund, Ethereum, Ethereum (ETH), Evolve, exchange-traded funds, Galaxy Digital, purpose, USD

Canada has been approving crypto exchange-traded funds (ETF) more quickly than the United States and after three successful bitcoin ETFs, the country has approved three ethereum-based ETFs. The three ether ETFs in Canada will debut on Toronto’s stock exchange (TSX) on April 20, 2021.

Three Ethereum ETFs Set to Launch in Canada Next Week

Back in February, Bitcoin.com News reported on the launch of the first North American bitcoin exchange-traded fund. A few days later, the fund called the “Purpose Bitcoin ETF†captured massive volume with $165 million traded at the time. The three new ether-based ETFs will be provided by CI Global Asset Management, Purpose Investments, and Evolve ETFs. All three will appear on Toronto’s stock exchange (TSX) this Tuesday.

Both Purpose and Evolve already sponsor crypto ETFs, and CI Global Asset Management aims to join the fray. CI Global is working with Bitcoin bull and billionaire investor Mike Novogratz’s Galaxy Digital. Novogratz’s organization has also applied for a bitcoin exchange-traded fund that aims to be listed in the U.S. with regulatory approval.

The senior ETF analyst for Bloomberg Intelligence, Eric Balchunas, tweeted about the three approvals on Friday.

“Canada is approving three Ethereum ETFs to launch on Tuesday,†Balchunas wrote. “Seems more fair than giving Purpose a crucial head start again. The SEC should/prob will do the same here,†he added.

Canada’s Crypto ETF Approvals Continues to Outshine the US

Ethereum has been doing very well on spot markets, and has been trading for over $2,400 per unit this weekend. The digital asset touched an all-time high on April 16, 2021, reaching $2,533 per ETH. Ethereum is up a whopping 1,317.64% during the last 12 months and up 13.3% this week. Evolve’s prospectus shows that the ETF will trade under the ticker “ETHRâ€. The ETF will leverage the CF Benchmarks Ether-Dollar Reference Rate (ETHUSD_RR).

The Purpose ether ETF will have exposure to physically settled ether with three unique units ETHH, ETHH.B, and ETHH.U. The Purpose-based ETHH units will leverage CAD and ETHH.U will utilize USD. The CI Global Asset Management and Galaxy Digital-backed ETF will use both USD and CAD units as well on TSX.

With three bitcoin ETFs approved in Canada and three ethereum-based ETFs approved as well, the country’s regulators seem to be optimistic about these investment vehicles. Unlike the U.S. Securities and Exchange Commission (SEC), which has yet to approve an American ETF, but has eight applications on its desk.

What do you think about the three ethereum ETFs approved to be listed on TSX next week? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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