- Canada has approved three Ethereum ETFs today
- The ETFs will start trading via the Toronto Stock Exchange next week.
- Purpose Investments, Evolve ETFs, and CI Global Asset Management filed the ETF applications.
Canadian regulators have approved three separate Ethereum-based exchange-traded funds (ETF) today. Of note, three companies namely, Purpose Investments, Evolve ETFs, and CI Global Asset Management filed the ETF applications.
The ETFs will be available for trading next week Tuesday. Specifically, the three approved ETFs will mainly trade on the Toronto Stock Exchange (TSX). As a result, the new ETFs are likely to drive investor’s adoption of Ethereum.
Notably, Purpose Investments and Evolve ETFs are already trading their Bitcoin ETFs on TSX.
Purpose Investments Founder and CEO Som Seif said,
While Bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society.
Meanwhile, not only the prior mentioned firms, but a lot of companies have applied with the US SEC for Bitcoin ETF approval. In fact, over eight companies, including Galaxy Digital, are currently waiting for SEC’s approval.
Repeatedly, the US SEC has dismissed applications from companies aiming to offer crypto ETFs. In fact, according to the SEC, the Bitcoin market can be manipulated.
In addition, the SEC cited this as the reason why it rejected Bitwise’s BTC ETF application in 2019. However, Canadian regulators disagree with the US SEC’s view.