CI Global Asset Management (CI GAM) announced on Feb. 25, 2021. that is has filed and obtained a preliminary prospectus for CI Galaxy Ethereum ETF. This fund is slated to be the world’s first Ethereum exchange-traded fund (ETF).
If approved, the ETF will be traded on the Toronto Stock Exchange. CI Global noted in the same announcement that this move is aimed at reducing the “friction point” investors suffer from whenever making cryptocurrency investments.
CI Galaxy Ethereum ETF Partners with Galaxy Digital
According to the release, the launch will be made in partnership with Mike Novogratz’s Galaxy Digital, one of the largest cryptocurrency firms in the space today. Recently, CI GAM also filed the CI Galaxy Bitcoin Fund with the same firm.
Kurt MacAlpine, the CEO of CI Financial, had stated that;
“Cryptocurrencies are transforming the financial world, and we are excited to launch the world’s first ETF investing directly in Ether, one of the most highly valued cryptocurrencies.”
Ethereum: The Leading Candidate for Web 3.0
CI Galaxy Ethereum ETF will be listed on the Toronto Stock Exchange (TSX) under the ETHX ticker.
Bloomberg Galaxy Ethereum Index, or the ETH Index, will be in charge of providing the price feed for ETH according to its performance against the US dollar.
“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,” says Chairman and CEO of Galaxy Digital Holdings, Mike Novogratz.
CI GAM and Galaxy Digital
CI GAM is tasked to be the manager of the ETF, with Galaxy Digital as its Ethereum sub-advisor. In this partnership, Galaxy Digital will be in charge of executing ETH trading for the ETF.
Galaxy Digital is a prominent firm in the blockchain space, known for its breadth of experience in portfolio management, capital markets, and blockchain technology.
According to Galaxy Digital Partner and Asset Management Lead, Steve Kurz, this ETF will be the world’s first. The firm is expecting that this will make it easier for anyone to benefit from the growth of Ethereum, the second-biggest cryptocurrency in the space in terms of market cap.
At the time of press, ETH is trading hands at $1,460. This comes after an initial rejection from the $2,000 level on Feb. 20.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
