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Evolve Funds files for Ether ETF weeks after winning Canadian approval for its bitcoin fund

Business Insider India logo Business Insider India 02-03-2021 Emily Graffeo
background pattern: Evolve Funds files for Ether ETF weeks after winning Canadian approval for its bitcoin fund © Reuters Evolve Funds files for Ether ETF weeks after winning Canadian approval for its bitcoin fund

Just weeks after winning approval for one of North America's first bitcoin ETFs, Evolve Funds is looking to give investors exposure to Ether.

On Tuesday Evolve Funds announced it has filed a preliminary prospectus with the Canadian securities regulator for an Ether ETF.

If approved, the fund (ETHR) would give investors exposure to the daily price movements of the US dollar price of Ether, the world's second largest cryptocurrency.

"Ether is the building block for a revolution in digital finance which is still in its infancy," said Evolve CIO and COO Elliot Johnson in a press release. "All Ether transactions are recorded on the Ethereum computer network, which is a decentralized, open-source blockchain featuring smart contract functionality. Ethereum is the most actively used blockchain with Ether being used to pay for transaction fees and computational services."

Evolve's filing comes after CI Global Asset Management and Mike Novogratz's Galaxy Digital filed a similar prospectus for an Ether ETF last week.

Canada has not yet approved an Ether ETF, but it approved two publicly traded bitcoin ETFs this year. The funds exploded during their first days of trading. The Purpose Bitcoin ETF traded $165 million-worth of shares in its first day, while the Evolve Bitcoin ETF raised $421 million in two days, according to Bloomberg.

Canada's crypto-positive stance is raising hopes that the US will soon follow suit. In the latest attempt to launch a bitcoin ETF in the US, the Chicago Board Options Exchange filed an SEC request for approval of VanEck's bitcoin ETF on Monday.

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