CI Global Asset Management firm has launched the world’s first Etheruem based mutual fund called CI Ethereum Fund. Kurt MacAlpine, Chief Executive Officer of CI Financial said,
“CI Global Asset Management is the only company in the world offering convenient, low-cost and secure exposure to the two largest cryptocurrencies through both ETFs and mutual funds”
The launch of Ethereum based mutual funds comes just a week after CI Global launched the world’s first Ethereum ETF that invests directly in the world’s second-largest cryptocurrency. The said fund is not available in the US and would be limited to North America itself.
The new Ethereum mutual fund would offer an industry-best management fee of 0.40% that would be waived off completely until June 15. The new mutual fund would also invest in CI Galaxy Ethereum ETF.
North America Becomes Breeding Ground For Crypto Investment Tools
2021 has seen a great surge in cryptocurrency adoption across the globe especially North America which has seen a series of crypto investment tools in the form of Bitcoin and Ethereum ETFs and now the world’s first Ethereum mutual fund. At the start of this year, North America saw the launch of the world’s first Bitcoin ETF from Purpose Group that became an instant hit and currently holder over $1 billion worth of Bitcoin.
The United States SEC is yet to clear a Bitcoin ETF with over 8 applications pending before the regulatory body. The US SEC had earlier dismissed most of the Bitcoin ETFs that came after the 2017 bull run, citing volatile market and small market capitalization that might be prone to market manipulation. However, the Bitcoin market cap has exceeded $1 trillion and the overall crypto market cap bas breached the $2 trillion mark. The rising interest of wall Street giants such as JP Morgan, Goldman Sachs, and many others could also play a role in the approval of the first Bitcoin ETF in the US.