TORONTO, September 12, 2022 (GLOBE NEWSWIRE) – Purpose Investments Inc. (“Target”) today announced its plan for the upcoming Ethereum merger (“Merger”), transitioning the Ethereum network to a proof-of-stake consensus mechanism. (PoS), which should be completed in the coming days. The exact time of the merger, according to the timelines provided by the Ethereum Foundation, is expected to happen by September 20, 2022, with current estimates pointing to September 15, 2022.
Following the merger, the three Purpose funds open to the Ethereum Purpose ETF (TSX ticker: ETHH), the Purpose Ether-Based Yield Purpose ETF (TSX ticker: ETHY), and the Purpose Crypto Opportunity ETF (TSX ticker: CRYP) will continue to be exposed to Ether . , which is defined as a native unit of account in the Ethereum network. Given the support the move to PoS has received from both the Ethereum Foundation and the wider Ethereum community, the Purpose Foundations expects that only Ethereum will be held as the unit of currency for the Ethereum network, which will operate using the PoS consensus mechanism after the merger.
In the event of one or more proof-of-work forks, Purpose intends to monetize the asset or assets in question as soon as reasonably possible, taking into account market conditions, risks and market conditions, available infrastructure. The target intends to reinvest any proceeds from the sale of Ether PoW into Ether PoS in order to achieve the objectives of the fund.
With the launch of the world’s first Bitcoin ETF last year, Purpose has become a global leader in digital asset management. Its cryptocurrency ETFs are the best in the industry for individual investors and organizations around the world, in part because they can accurately track the performance of underlying crypto tokens, giving funds a competitive edge over forward products and non-redeemable trusts. Following the merger, Purpose is pleased to continue building bridges between the crypto community and the traditional financial services industry to reduce the difficulty investors face when accessing the crypto space.
Purpose remains committed to educating investors about this new emerging asset class and regularly posts timely research and cutting edge insights on digital assets at its Purpose Crypto Corner. If you want to learn more about the merger and how Purpose thinks it could affect investors, check out the Purpose Crypto Corner Ether 101 white paper, an introduction to staking and articles on Ethereum triple halving, what investors need be aware of the merger and its benefits. rates.
To learn more about Purpose Ether funds, click here: Purpose Crypto Funds.
About the purpose of investment
Purpose Investments is an asset management company that manages over $13 billion in assets. Purpose constantly emphasizes customer-focused innovation and offers a range of results-driven products. Purpose Investments is led by renowned entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-focused financial services company.
For more information, please contact:
The contents of this document are provided for informational purposes only and do not constitute an offer to sell the securities described herein, or a recommendation or offer to buy, hold or sell any of these securities. The information does not constitute investment advice and is not tailored to the needs or circumstances of investors. The information in this document is believed to be accurate and reliable, but we cannot guarantee that it will always be complete or up to date. The information provided is subject to change without notice.
Commissions, subsequent commissions, management fees and expenses may be associated with investments in an investment fund. Please read the prospectus and other disclosure documents before investing. If securities are bought or sold on the stock market, you may pay more or receive less than their current net asset value. Investment funds are not guaranteed, their value fluctuates frequently and past performance may not be repeated.