Galaxy Digital, the crypto investment management firm along with CI Global Asset Management has actually filed a preliminary prospectus for the world’s first Ether ETF called CI Galaxy Ethereum ETF. The prospectus filing was done with the securities commissions or similar authorities in each of the provinces and areas of Canada.
Kurt MacAlpine, Chief Executive Officer of CI Financial, the parent business of CI GAM stated,
“Cryptocurrencies are transforming the monetary world, and we are delighted to release the world’s first ETF investing straight in Ether, one of the most highly valued cryptocurrencies,”
Pretty psyched to be launching the worlds initially $ETH ETF with our partner CI Global Asset Mgt.
— $ GLXY. https://t.co/IH4ISkuJWk– Mike Novogratz (@novogratz) February 25, 2021
The partnership would see CI Global work as the manager of the ETF and Galaxy Digital will act as the Ether sub-advisor for the ETF permitting them to trade Ether on behalf of the ETF.
Mike Novogratz, Chairman and Chief Executive Officer of Galaxy Digital Holdings stated,
“Ethereum is the leading candidate to be the base layer of Web 3.0, and Ether is a growth property that offers financiers direct exposure to the explosion of decentralized applications,
“We are thrilled to broaden our advisory relationship with CI,” stated Steve Kurz, Partner, and Head of Asset Management. “The CI Galaxy Ethereum ETF represents a worldwide first, providing financiers a simplified path to gain from the potential growth of this important property class.”
This would also make Canada the origin nation of the world’s 2 first crypto ETFs as Purpose launched the world’s first Bitcoin ETF only recently.
Institutional Demand For Ether Catching up With Bitcoin?
The growing institutional demand for Bitcoin is rather evident from the foray of fortune 500 companies making billion-dollar Bitcoin investments that consist of the similarity MicroStrategy and Tesla. Many believe the second-largest cryptocurrency Ether which is also the only digital possession apart from Bitcoin that is not considered security could draw in a great deal of institutional demand owing to its regulative clearance.
CME group which released the world’s very first Bitcoin futures market also launched Ether Futures this February owing to the increasing institutional demand. The very first Bitcoin ETF released last week registered enormous traffic in the very first 4-days of trading accumulating over 4000+ Bitcoins, and the upcoming Ether ETF might also receive a comparable craze when introduced.
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