- Purpose Investments has taken the first-mover advantage by launching the world’s first Ether ETF (ETHH)
- The ETF’s investment objective is to accurately reflect the price of Ether without premiums or discounts to net asset value
- The ETF will invest directly in physically settled Ether tokens, not derivatives, saving investors the risk of self-custody within a digital wallet
- Purpose will manage the ETF with guidance from Ether Capital Corporation
- Purpose is an asset management company with more than C$10 billion in assets under management
- Purpose Ether ETF (ETHH) is down 1.6 per cent and is currently trading at $9.84 per share
Purpose Investments has taken the first-mover advantage by launching the world’s first Ether ETF (ETHH).
The ETF is now available to investors in Canadian dollar-denominated currency-hedged units (ETHH), non-currency hedged units (ETHH.B) and U.S. dollar-denominated non-currency hedged units (ETHH.U) on the Toronto Stock Exchange.
The ETF’s investment objective is to accurately reflect the price of Ether without premiums or discounts to net asset value.
It will invest directly in physically settled Ether tokens, not derivatives, saving investors the risk of self-custody within a digital wallet.
The ETF’s daily NAV will be priced based on the daily spot price of the TradeBlock ETX Index.
Purpose will manage the ETF while Ether Capital Corporation will act as a special consultant to Purpose.
The company views the ETF as a simple, efficient and affordable way for investors to gain direct exposure to Ether in any investment account.
Som Seif, founder and CEO of Purpose, commented,
“This is a great day for investors as we’re democratizing access to Ether, making the process of owning Ether easier than ever. We believe Ether, a leading digital asset with perhaps the most potential among all the blockchain technologies, is poised to continue its growth trajectory as an important utility technology and broader adoption as an investment asset.”
Brian Mosoff, CEO of Ether Capital, added,
“By making Ether more accessible to investors through the ETF, just as it did with Bitcoin, Purpose is helping to bring cryptocurrency into the mainstream. Ethereum has a unique technical set of properties that are different than those in Bitcoin. Ethereum is more like an operating system, it can be more easily programmed, allowing for many applications.”
Purpose is an asset management company with more than C$10 billion in assets under management. It focuses on client-centric innovation offering a range of managed and quantitative investment products.
Purpose Ether ETF (ETHH) is down 1.6 per cent and is currently trading at $9.84 per share as of 11:39 am ET.
