The new ETF from Evolve ETFs trades under the ticker ETC on the TSX and is Canada’s first multicurrency ETF.
It will hold the world’s two largest cryptocurrencies weighted by their market capitalization, which is around 67 per cent bitcoin and 33 per cent ethereum. For now, Evolve will do this by holding its bitcoin ETF (EBIT) and Ether ETF (ETHR) and rebalanced monthly.
Bitcoin and ethereum make up around 65 per cent of the cryptocurrency market.
“Bitcoin has established itself as a store of value and is often referred to as digital gold,” said Raj Lala, president and CEO, Evolve ETFs in a release.
“Ether is often referred to as digital oil and has become an essential building block for digital finance including NFTs and other DeFi applications.”