The world’s first ether exchange-traded fund (ETF) may be on the way, after CI Global Asset Management filed a preliminary prospectus in Canada on Thursday.
- In an announcement, the firm said its proposed “CI Galaxy Ethereum ETF” would be the first ETF in the world to invest directly in ether, the native cryptocurrency of the Ethereum network.
- If approved, the ETF would trade on the Toronto Stock Exchange (TSX) under the ticker “ETHX.”
- Galaxy Digital Capital Management LP will act as the ether sub-adviser and execute trading on behalf of the ETF.
- ETHX will invest directly in ether with its holdings priced using the Bloomberg Galaxy Ethereum Index, owned by Bloomberg Index Services.
- “Ethereum is the leading candidate to be the base layer of Web 3.0, and ether is a growth asset that provides investors exposure to the explosion of decentralized applications,” said Mike Novogratz, chairman and CEO of Galaxy Digital, in the announcement.
- The ether ETF may have a reasonable chance of being approved. Last week, two bitcoin ETFs were listed in Canada.
- CI Global also recently filed a preliminary prospectus for a bitcoin ETF, which would also be in in partnership with Galaxy Digital.