CI Global Asset Management announced on Thursday that it has filed and acquired a preliminary prospectus for a CI Galaxy Ethereum Exchange Traded Fund (ETF). The fund is set to be the world’s first ETF available on the market.

In Brief

  • CI Global slated to release the world’s first Ethereum exchange-traded fund (ETF).
  • Its launch will be made in partnership with Mike Novogratz’s Galaxy Digital.
  • ETH is back to trading at $1,460 after a run over the $2,000 last weekend.

If approved, the ETF will be traded on the Toronto Stock Exchange and would reduce the “friction point” investors suffer from when making crypto investments, noted CI Global.

CI Galaxy Ethereum ETF Partners with Galaxy Digital

Per the release, the launch will be made in partnership with Mike Novogratz’s Galaxy Digital, one of the most well known crypto firms around. Recently, CI GAM also filed the CI Galaxy Bitcoin Fund with the same firm.

Notably, the CEO of CI Financial, Kurt MaxAlpine commented on the transformative nature currently underway, saying: “Cryptocurrencies are transforming the financial world, and we are excited to launch the world’s first ETF investing directly in Ether, one of the most highly valued cryptocurrencies.” 

ETH: The Leading  Web 3.0 Candidate

CI Galaxy Ethereum ETF will be listed on the Toronto Stock Exchange (TSX) under the ETHX ticker.

Bloomberg Galaxy Ethereum Index, or the ETH Index, will be in charge of providing the price feed for ETH according to its performance against the Dollar.

Mike Novogratz also commented on Ethereum, explaining how ETH is the number one candidate to build the base layer of Web 3.0

He said: “Ethereum is the leading candidate to be the base layer of Web 3.0, and Ether is a growth asset that provides investors exposure to the explosion of decentralized applications.

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CI GAM and Galaxy Digital

CI GAM will manage the ETF, with Galaxy Digital as its ETH sub-advisor. Galaxy Digital will be in charge of executing ETH trading for the ETF.

According to Galaxy Digital Partner and Asset Management Lead, Steve Kurz, this will be the world’s first Ethereum ETF. The firm expects that with this launch, it will be easier for anyone to benefit from Ethereum’s growth, which is the second largest cryptocurrency by market cap.

At press time, ETH is exchanign hands at $1,470. This comes after the crypto reached $2,050 on Feb 20th.

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