Just weeks after launching their very first Bitcoin ETF on the Toronto Stock Exchange, Evolve Funds Group Inc. has just filed a preliminary prospectus with the Canadian securities regulator for the listing of an Ether ETF (ETHR).
Evolve is determined to be ahead this time after witnessing how the first Bitcoin ETF launched by their competitor managed to be far ahead in terms of investments. It seems in the ETF space, being first does helps to create that incumbent effect as investors’ FOMO pile into the first readily available regulated vehicle.
An ETF creates a huge addressable market for the retail investors who would typically have no clue how to go about buying their cryptocurrency. The issue of custody and safekeeping of their cryptocurrency wallets add another layer of headache for the newly initiated crypto investors. With an ETF, an investor simply buys into cryptocurrencies like how he or she would buy into a stock.
“As a leader in disruptive innovation, we look forward to providing Canadian investors with access to another leading cryptocurrency through an ETF structure. Cryptocurrencies are fundamentally transforming digital finance and Evolve is quickly establishing itself as a leading facilitator for investing in this space. Ether is a digital asset that is not issued by any government, bank or central organization and was intended to complement rather than compete with bitcoin.”, says Raj Lala, President and CEO, at Evolve.
ETHR will provide Canadian investors with exposure to the second largest cryptocurrency by market cap. The outlook for Ethereum is bright as well considering the NFT market is pushing adoption of Ethereum. In addition, the impending launch of Ethereum 2.0 as a Proof of Stake network would help elevate Ethereum as a “greener” and faster blockchain.