Purpose Investments Approved to Launch First Ether ETF in the World

​Purpose Investments Inc. announced that it has been approved by Canadian securities regulators to roll out the Purpose Ether ETF, the first direct custody Ether​ ETF in the world. 

The ETF is designed to provide investors with exposure to the popular cryptocurrency, Ether, by investing directly in physically settled Ether tokens. The ETF will offer three classes of units: Canadian dollar currency hedged units (ETHH), Canadian dollar non-currency hedged units (ETHH.B) and US dollar units with ticker nits (ETHH.U).

The ETF will be the first in the world to invest directly in physically settled Ether. Purpose Ether ETF provides investors easy and efficient access to the emerging asset class of cryptocurrency without the associated risk of self-custody within a digital wallet. Similar to the Purpose Bitcoin ETF and other physically backed gold or silver products, the ETF will always be backed directly by physically settled Ether holdings.

Purpose will act as manager of the ETF and Ether Capital Corporation (Ether Capital), a company with significant experience and expertise in digital assets, will act as a special consultant to Purpose.

"While Bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society," said Som Seif, founder and CEO of Purpose Investments. "By launching the first ETF in the world that directly owns and provides exposure to Ether, we are enabling every investor to have access to this unique opportunity and ecosystem."

"Our role in Purpose Ether ETF is to help make sure the more complex aspects of cryptocurrency ownership and transactions fit together," said Brian Mosoff, CEO of Ether Capital. "We focused on addressing key issues relating to Ether custody, transactions and liquidity. Ether is the cryptocurrency we believe has the most potential for the future and is where our expertise really lies. Building this ETF is not only a natural extension to the Purpose Investments digital asset lineup, but a natural fit for us at Ether Capital working alongside Purpose."