Evolve Funds, which won approval from regulators in Canada for its bitcoin exchange-traded fund (ETF) last month, filed on Monday for a product based on ether (ETH).
The proposed ETF shares similarities with its bitcoin product, including how Cidel Trust Company and Gemini will serve as custodian and subcustodian, respectively. If greenlit, the ETH ETF would trade on the Toronto Stock Exchange alongside a growing number of crypto-related products and funds.
“As a leader in disruptive innovation, we look forward to providing Canadian investors with access to another leading cryptocurrency through an ETF structure,” Raj Lala, president and CEO for Evolve, said in a press statement.
Evolve won approval for its bitcoin ETF on February 16, as previously reported, becoming the second product of its kind to go live in Canada.
Evolve’s filing comes on the heels of a similar submission from CI Financial and Galaxy, who put forward a filing for an ETH ETF of their own.