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After the approval of three separate Bitcoin ETFs in Canada two months ago , Ether ETFs are now approved.
ETH-based exchange traded fund (ETF) applications made by Purpose Investments, CI Global Asset Management and Evolve companies were welcomed. Companies will start accepting investors for these funds in the coming days.
The ETFs in question are expected to be listed on the #Toronto Stock Exchange (TSX) on April 20, subject to #TSX's approval.
CI Galaxy ETF charges 0.4 percent as a management fee, while Purpose will receive 1 percent. At Evolve, this rate was set at 0.75 percent.
There are other ETF applications pending approval or rejection for Ether . It is stated that one of them, 3iQ Ether ETF, can also be approved later today.
ETFs, in particular, enable institutional investors to invest indirectly in cryptocurrency without taking the risks of buying the underlying asset directly. In addition, as per the regulations, certain funds cannot directly acquire cryptocurrencies . ETFs also serve as a gateway to the cryptocurrency market for such funds and organizations.
Demand for cryptocurrency ETFs is evident with interest in Purpose Bitcoin ETF, which was approvedapprovedapprovedapprovedapprovedapprovedapprovedapproved two months ago. In a short time, the total value of assets under the management of this ETF was $ 1 billion 200 million. In terms of Bitcoin, the amount held in the fund is 18 thousand 330 BTC.
ETH, which has been in an upward trend recently, has surpassed the $ 2,500 level for the first time today