Will Canada approve Ethereum ETFs following Bitcoin? CI Financial Application
The Block reported on February 25, 2021 (local time) that Canadian investment firm CI Financial applied for listing on the Ethereum Listed Index Fund (ETF).
Upon approval, it will be listed on the Toronto Stock Exchange (TSX) under the ticker name’ETHX’ and will be recorded as the world’s first Ethereum ETF. The operating fee is 1% per year.
Galaxy, a cryptocurrency investment bank led by Mike Novogratz, manages the ETF as a subadvisor. It is the role of executing Ethereum transactions instead of ETFs.
CI Financial is Canada’s leading asset management company with an AUM of $230 billion. It is also operating the’CI Galaxy Bitcoin Fund’, a bitcoin fund worth $162 million. CI Financial also applied for a Bitcoin ETF on February 19th.
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Previously, the first Bitcoin ETF approval in North America, including Canada, was acquired by the asset manager Purpose Investment on February 12, 2021.
Perforce’s bitcoin ETF’BTCC’ was listed on the Toronto Stock Exchange on February 18 and traded more than 80 million dollars (about 88.6 billion won) within one hour of commencement. On the first day, $165 million (approximately 182.6 billion won) was traded, and $564 million (634 billion won) was traded in just one week of launch.
The Evolve Funds Group was approved to launch as the second Bitcoin ETF in Canada on February 17, 2021. It is also known that 3Iq, a Canadian cryptocurrency asset management company, has also applied for listing on the Bitcoin ETF.
As Canada successively approves Bitcoin ETFs, the likelihood of a Bitcoin ETF launch in the US is also increasing.
“The US Securities and Exchange Commission (SEC) recognizes that Bitcoin ETFs are a better investment channel for US investors,” said Mike Novogratz, co-founder of Galaxy. “Bitcoin ETFs will be approved within the next 12 months.” Forecast.
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