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Invesco Ltd. and Galaxy Asset Management have launched the Invesco Galaxy Ethereum ETF (QETH), a new spot exchange-traded product (ETP) that provides direct exposure to Ethereum. The ETF began trading on the Cboe BZX Exchange today, offering investors a new way to access the Ethereum market.
QETH invests directly in physical Ethereum, aiming to track the performance of the cryptocurrency's market price as measured by the Lukka Prime Ethereum Reference Rate. This launch follows the successful introduction of the Invesco Galaxy Bitcoin ETF (BTCO) earlier this year, further expanding the partnership between Invesco and Galaxy in the digital asset space.
Brian Hartigan, Global Head of ETF and Index Strategy at Invesco, commented on the launch:
"Today's launch of Invesco Galaxy Ethereum ETF will leverage Invesco's experience in managing ETPs and Galaxy's expertise with digital assets to provide investors with efficient and secure exposure to Ethereum. QETH joins Invesco Galaxy ETP's BTCO, SATO and BLKC in providing easier access and additional safeguards to US investors looking to create a varied digital assets portfolio with ETFs."
The new ETF aims to combine Invesco's track record in innovative ETPs with Galaxy's institutional-grade infrastructure and expertise in digital asset management. It joins Invesco's growing suite of digital asset products, which includes bitcoin and blockchain-focused ETFs.
Steve Kurz, Global Head of Galaxy Asset Management, emphasised the significance of Ethereum in the cryptocurrency market:
"ETH has served as a core asset in crypto portfolios for a long time, driven by the tremendous success of the Ethereum blockchain. With the launch of QETH, we are excited to offer investors exposure to this burgeoning asset class in a format that is familiar, safe, and easy to trade. By combining our unrivalled collective experience in developing best-in-class investment solutions across both traditional and digital asset markets, Invesco and Galaxy Asset Management are well-positioned to continue at the forefront of enabling institutional exposure to the most value-creative corners of the digital asset ecosystem."
Galaxy Asset Management, a division of Galaxy (TSX: GLXY), is not affiliated with Invesco but serves as the execution agent for QETH. Galaxy is a digital asset and blockchain company that provides services including trading, lending, strategic advisory, and investment solutions.
Invesco Ltd., a global investment management firm, managed $1.7 trillion in assets on behalf of clients worldwide as of March 31, 2024. The company offers a range of active, passive, and alternative investment capabilities.
Investors interested in learning more about the Invesco Galaxy Ethereum ETF can access the full prospectus on the Invesco website.
