Evolve has provided preliminary documents to Canadian securities regulators to create an Ethereum ETF.
Summary of the News
- Evolve, which launched a Bitcoin ETF in February, now wants to create an Ethereum ETF.
- The company has forwarded its preliminary prospectus on the subject to Canadian securities regulators.
- Evolve is known as the second company in Canada to launch a Bitcoin ETF.
Evolve, the company behind Canada’s second Bitcoin ETF, now wants to create an Ethereum ETF. The company has forwarded the necessary preliminary prospectus to Canadian securities regulators.
How Will Evolve Ethereum ETF Work?
The Ethereum ETF, which will be created by Evolve, will allow users to invest indirectly in Ethereum without keeping the crypto money in their own wallets.
“As a leader in financial innovation, we look forward to providing Canadian investors with access to another leading cryptocurrency through an ETF structure,” Evolve CEO Raj Lala said in a press release. used the expressions.
An ETF or exchange traded fund; typically refers to a basket of securities that can be bought and sold on an exchange. In this case, the underlying asset will be Ethereum cryptocurrency.
Evolve Bitcoin ETF Reaches $ 40 Million in Assets since Feb. 19
Evolve’s Ethereum ETF will run in both US Dollars and Canadian Dollars.
Before that, Evolve launched the Bitcoin ETF on February 19, and with this decision, it was the second company to launch a Bitcoin ETF in Canada. Since then, assets under the company’s management have increased to $ 39.9 million; this corresponds to about 800 Bitcoins. However, Purpose’s Bitcoin ETF, which holds 10,673 Bitcoin assets, is worth about $ 525 million and is by far ahead of Evolve.
The Ethereum ETF, to be created by Evolve, could help bridge this gap between the two companies.