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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.

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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.

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