Less than a month later becoming the second house to secure approval from Canadian regulators to list a Bitcoin (BTC) exchange-traded fund, Evolve is looking to debut an Ether (ETH) ETF production in Canada.

According to a Tuesday press release, the visitor has filed a preliminary prospectus with Canadian regulators for approving to begin trading an Ether ETF product.

Co-ordinate to the communique, if the Ether ETF is approved, it volition merchandise nether the ticker "ETHR" and will track the Ether-Dollar Reference Rate (ETHUSD_RR) provided by CF Benchmarks. The CME ETH futures contract likewise utilizes the same benchmark price.

The announcement too reveals that the proposed Ether ETF will offer denominated unhedged units for both the U.South. dollar and Canadian dollar units.

Commenting on the preliminary filing, Evolve CEO Raj Lala remarked that the company is looking frontward to providing Canadian investors with exposure to some other cryptocurrency via the ETF market.

For Elliot Johnson, the firm'south chief operating officer and principal investment officer, the company decided to motility forrad with an Ether ETF due to the prominence of the second-largest crypto by market capitalization. He added:

"Ether is the edifice block for a revolution in digital finance which is still in its infancy. […] Ethereum is the most actively used blockchain with Ether being used to pay for transaction fees and computational services."

If approved, the ETHR will be the second crypto ETF from Evolve's stables, following its "EBIT" Bitcoin ETF product launched dorsum in February.

As previously reported by Cointelegraph, Bitcoin ETF trading saw an explosive debut in Canada. The Purpose Bitcoin ETF reached over half a billion dollars in avails under management less than a calendar week after its launch.

However, there has been a noticeable decline in trading volume amid significant BTC price volatility over the last few days.

Meanwhile, Grayscale Investment'southward Grayscale Bitcoin Trust product has seen its premium decline to record lows, while trading on Canada's Bitcoin ETFs has surged.

According to JPMorgan Chase analysts, there is a directly link between the explosive trading of Canadian Bitcoin ETFs and the decline in the GBTC premium.