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The World’s First Ethereum Exchange-Traded Fund (ETF) Is In Cooperation With Mike Novogratz’s Galaxy Digital

CI Global Asset Management (CI GAM) may become the world’s first company to launch an Ethereum exchange-traded fund (ETF), as the company announced that it has obtained a preliminary prospectus for its CI Galaxy Ethereum ETF.

If CI Global succeeds to launch the ETF, it would be traded on the Toronto Stock Exchange (TSX). CI GAM’s main goal is to eliminate the “friction points” for traditional investors, who want to participate in cryptocurrency investments. The ETF launch would be in cooperation with one of the biggest crypto companies to date, Mike Novogratz’s Galaxy Digital.

“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,” Kurt MacAlpine, CEO of CI Financial noted.

The world’s first Ethereum ETF, if approved, would be listed on the TSX under the ETHX ticker, while the Bloomberg Galaxy Ethereum Index would be responsible for providing the ETH price feed, denominated in US dollars.

Mike Novogratz commented on the news of the ETF launch by stating that “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.”

Galaxy Digital is a well-known name in the blockchain industry, with vast experience in blockchain technologies, capital markets, and portfolio management. Galaxy Digital would be in charge of the actual ETH trading, and will also act as a sub-advisor, while CI GAM would be the actual manager of the exchange-traded fund.

“This ETF will be the world’s first. The firm is expecting that this will make it easier for anyone to benefit from the growth of Ethereum, the second-biggest cryptocurrency in the space in terms of market cap,” Galaxy Digital Partner and Asset Management Lead, Steve Kurz, added.

Meanwhile, Ethereum failed to stay afloat after the bounce from February 25, as prices tumbled down to $1,407.98 from a daily high of $1,670.22. However, trading volumes are on the rise, with 24-hour volumes reaching a little over $30 billion. The trading volume increase is considered to be a bullish sign for the price of a given asset. Currently, Ethereum (ETH) is trading at $1,488.66, according to data from Cryptobrowser.io.

The rest of the crypto sector is also struggling to find solid ground, as the world’s crypto leader – Bitcoin, lost $3,200 off its price in the last 24 hours, which retests a vital support zone for Bitcoin. The rest of the sector is recording 7-15% price drops, with only a handful of projects recording small losses like Monero (XMR), or receiving a small upwards push – Cardano (ADA) is up 8 percent daily.

Ethereum Cryptocurrency eth Ethereum news etherium cryptocurrency news digital asset ether Ethereum Price

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