- Canada-based Purpose Ether has breached 50,000 ETH worth $122.7 million.
- The company is the first to launch an Ether ETF back in April 2021.
- Purpose group has also launched the first Bitcoin ETF earlier this year.
Canada-based Purpose Ether ETF has breached 50,000 ETH worth almost $122.7 million in assets under management. This happens at the same time as the currency facing a 50% decline in value from its ATH.
The firm was the first to launch an Ether ETF in April 2021 and in just over a month has reached a major achievement. This hints of strong institutional interest and demand for the second-biggest crypto.
As of now, ETH is trading around $2,400 with a 1% decline over the past day. Big institutional investors taking interest in Ethereum is good news for its fans. It directly translates into a high bull season for the top blockchain. Financial giants such as JP Morgan and Goldman Sachs have even gone as far as to comment that ETH may have the potential to beat Bitcoin as the top crypto.
Purpose Group also took the first spot as Bitcoin ETF launcher earlier this year. In total, it holds over 19K Bitcoin. The Canadian company’s main offering to investors are physically settled Bitcoin contracts held in cold storage by the firm.
Recently many doubts have arisen with regard to Ethereum’s feasibility as a token platform owing to high gas fees and transaction overloads. However, it has still risen in value and demand. Part of this is in anticipation of its Ethereum 2.0 transition, with higher scalability, sustainability, and security.