August 17, 2022

CI Global Asset Management Launches World’s First Ethereum-Based Mutual Fund

2 min read

CI Global Asset Management firm has actually launched the world’s very first Etheruem based shared fund called CI Ethereum Fund. Kurt MacAlpine, Chief Executive Officer of CI Financial stated,

“CI Global Asset Management is the only company on the planet offering practical, affordable and protected direct exposure to the 2 biggest cryptocurrencies through both ETFs and mutual funds”

The launch of Ethereum based mutual funds comes just a week after CI Global launched the world’s first Ethereum ETF that invests directly on the planet’s second-largest cryptocurrency. The said fund is not available in the United States and would be restricted to North America itself.

The new Ethereum mutual fund would provide an industry-best management cost of 0.40% that would be waived off entirely up until June 15. The new mutual fund would also buy CI Galaxy Ethereum ETF.

The United States And Canada Becomes Breeding Ground For Crypto Investment Tools

2021 has seen a great surge in cryptocurrency adoption around the world especially North America which has seen a series of crypto financial investment tools in the form of Bitcoin and Ethereum ETFs and now the world’s very first Ethereum shared fund. At the start of this year, North America saw the launch of the world’s first Bitcoin ETF from Purpose Group that ended up being an instantaneous hit and currently holder over $1 billion worth of Bitcoin.

The United States SEC is yet to clear a Bitcoin ETF with over 8 applications pending prior to the regulative body. The US SEC had earlier dismissed most of the Bitcoin ETFs that came after the 2017 bull run, mentioning unpredictable market and little market capitalization that might be vulnerable to market manipulation. Nevertheless, the Bitcoin market cap has gone beyond $1 trillion and the total crypto market cap bas breached the $2 trillion mark. The increasing interest of wall Street giants such as JP Morgan, Goldman Sachs, and lots of others could likewise contribute in the approval of the very first Bitcoin ETF in the US.

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