Interesting news for ETFs Globe says OSC gives green light to Ether ETFs
Ontario Securities Commission (C:*OSC)
Monday April 19 2021 - In the News
Also Purpose Bitcoin ETF (C:BTCC) In the News
Also Bitcoin ETF (C:EBIT) In the News
The Globe and Mail reports in its Saturday edition that Canadian asset managers are racing to launch the world's first cryptocurrency exchange-traded fund to track the price performance of Ether now that regulators have given several investment funds the green light. The Globe's Clare O'Hara writes that on Friday, Purpose Investments, Evolve Funds and CI Global Asset Management were all cleared by the Ontario Securities Commission to launch the first set of ETFs to invest directly in the digital asset, currently the world's second-largest cryptocurrency by market capitalization, behind Bitcoin. Neither Bitcoin nor Ether -- the cryptocurrency of software platform Ethereum -- is backed by any country's central bank. They both typically trade through on-line exchanges, are stored in various cryptocurrency wallets and make use of blockchain, a transparent, distributed ledger technology. Ethereum was developed in Canada in 2013 and has a market cap of $278-billion. Earlier this year, the Purpose Bitcoin ETF (BTCC) gained first mover advantage when it hit the market the day before Evolve Funds Group's Bitcoin ETF (EBIT). Investor interest soared; more than $1-billion change hands in the first week of trading.