Purpose Investments Launches World’s First Ethereum ETF

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Last Friday, Canadian asset manager Purpose Investments revealed that its Ethereum exchange traded fund (ETF) was approved by Canadian securities regulators. Purpose Ether ETF Begins Trading Early Tuesday on TSX As the first Ethereum-based ETF in the world, the fund began trading under the ticker ETHH on the Toronto Stock Exchange (TSX) earlier today. The asset manager’s move comes after its Purpose Bitcoin ETF (BTCC) saw massive success, hitting over $1 billion assets under management within weeks of its launch. According to analytics site Glassnode, its holdings peaked at 18,522 BTC on April 19. Dubbed “Purpose Ether ETF”, the fund will invest directly into physically settled Ethereum — a welcome change from derivative-based funds like Grayscale’s Ethereum Trust. This allows the ETF to accurately reflect the price of Ether without premiums to its net asset value (NAV). “The Ether in the ETF is held in secure, offline storage, which is…

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