Purpose Investments Comments on Plan for Crypto Funds Following Ethereum Merge

TORONTO, Sept. 12, 2022 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) announced today its plan for the upcoming Ethereum Merge (the “Merge”), the Ethereum network’s transition to a proof-of-stake (PoS) consensus mechanism, which is expected to be completed in the coming days. The exact timing of the Merge, based on timelines provided by the Ethereum Foundation, is expected to occur by September 20, 2022, with current estimates pointing to September 15, 2022.

Following the Merge, Purpose’s three funds with exposure to Ethereum—Purpose Ether ETF (TSX ticker: ETHH), Purpose Ether Yield ETF (TSX ticker: ETHY), and Purpose Crypto Opportunities ETF (TSX ticker: CRYP)—will continue to obtain exposure to Ether, which is defined as the native unit of account within the Ethereum network. Given the support the transition to PoS has received from both the Ethereum Foundation and the broader Ethereum community, Purpose funds expect to only hold Ether as a unit of currency for the Ethereum network that will operate using a PoS consensus mechanism post-Merge.

In the event of one or more proof-of-work forks, Purpose plans to monetize the forked asset(s) as soon as reasonably practicable in light of market conditions, risks, and the infrastructure available to execute. Purpose intends to re-invest any proceeds from the sale of Ether PoW into Ether PoS to align with the funds’ objectives.

Following its launch of the world’s first spot Bitcoin ETF last year, Purpose has become a world leader in digital asset management. Its crypto ETFs are industry favourites for retail investors and institutions alike across the globe in part because of their ability to accurately track performance to the underlying crypto tokens, giving the funds a competitive advantage over futures-based products and non-redeemable trusts. Following the Merge, Purpose is excited to continue to bridge gaps between the crypto community and the traditional financial services sector to reduce friction that investors have in accessing the crypto space.

Purpose remains committed to educating investors about this emerging new asset class and routinely publishes timely research and digital asset thought leadership on its cryptocurrency education hub, Purpose Crypto Corner. If you are interested in learning more about the Merge and how Purpose believes it might affect investors, please check out Purpose Crypto Corner’s Ether 101 whitepaper, Intro to Staking primer, and articles on Ethereum’s triple halving, what investors should know about the Merge, and the benefits of staking.

To learn more about Purpose Ether funds, please click here: Purpose Crypto Funds.

About Purpose Investments

Purpose Investments is an asset management company with more than $13 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation, and offers a range of outcome-focused products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

For further information please contact:
Keera Hart
Keera.Hart@kaiserpartners.com
905-580-1257

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