Evolve Fund files for an ETH ETF in Canada after weeks of opening a Bitcoin exchange-traded fund with $1.7 billion assets under management. Evolve is a Canadian-based ETF that specializes in “bringing disruptive innovation to Canadian investors” and in today’s ETH news we read more about it.
A month before, Evolve Fund scored approval from the Canadian government to proceed with listing a Bitcoin ETF on the Toronto Stock Exchange under ticker EBIT.TO and now the fund is down 15% since its listing date. President Raj Lala said:
“As a leader in disruptive innovation, we look forward to providing Canadian investors with access to another leading cryptocurrency through an ETF structure.”
As Ethereum remains the second-biggest cryptocurrency by market cap, the digital asset enjoyed similar levels of attention to BTC from other financial institutions. The Ethereum-based ETF will give potential investors more exposure to the daily movements of Ether and with the “Creation and redemption” process offered by ETF structures, there will be minimal tracking errors between spot prices and ETF. The portfolio will be based on ETHUSD_PR which works like a daily benchmark index price for ETH denominated in US dollars.
The funds would work similarly to the previous Bitcoin counterpart and if approved, both ETFs will contract Cidel Trust Company as well as Gemini as the custodian and sub-custodian. This means that these companies will hold their clients’ securities in an electric form and in digital wallets more likely. There’s no doubt that the institutions will go on with making more crypto-based investment products to the traditional financial markets as we saw a few days ago when Goldman Sachs reopened its BTC futures trading desk. With the public demand soaring and the investors joining In, the future of crypto looks better than ever.
As recently reported, Evolve Funds Group will offer institutional investors in Canada a way to get more exposed to BTC thanks to their ETF after the Canadian regulators approved the application. The Ontario Securities Commission approved the application for a BTC ETF by Evolve Funds Group according to the announcement made by CEO Sui Chung from the crypto indices platform CF Benchmarks which the ETF will be using.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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