Evolve, the company behind Canada's second Bitcoin ETF, has filed with the Canadian securities regulators for an Ethereum ETF. The exchange-traded fund would enable investors to get exposure to the price of Ethereum without holding the cryptocurrency itself.

"As a leader in disruptive innovation, we look forward to providing Canadian investors with access to another leading cryptocurrency through an ETF structure," said Evolve CEO Raj Lala, in a press release.

An ETF, or exchange-traded fund, is typically a basket of securities that is tradeable on an exchange; in this case, the underlying security will be the Ethereum cryptocurrency.

Evolve's Ethereum ETF will be denominated in both US dollars and Canadian dollars.

On February 19, Evolve launched its Bitcoin ETF. Since then, it has grown to $39.9 million in assets under management, which equates to around 800 Bitcoin. This is dwarfed, however, by Purpose's Bitcoin ETF, which has 10,673 Bitcoin—worth around $525 million.