The Purpose Ether ETF Shed 1,292 Coins. Staking Means More Than That Left.
The Purpose Ether ETF held 121,894.619185 ETH on October 14 and 123,186.618801 ETH on October 2, both of them the issuer’s own stated portfolio dates. The pool lost 1,292 ETH across those twelve days, or 1.05% of it, on our arithmetic from Purpose’s published Level 4 holdings.
That is the figure a careful reader goes looking for, because the market cannot move a coin count. On this fund it needs a condition attached. The Ethereum pool also receives coins: Purpose stakes a portion of it, and the issuer states that no less than 80% of the rewards, net of the validator fees, accrue to the fund. Our reading of Purpose’s published coins-per-unit figures below is that those rewards are arriving. So 1,292 is a net number, and the gross quantity of coins that left between those two dates was larger than 1,292.
The Purpose Bitcoin ETF does not stake. Its fund page describes no staking of any kind, and its holdings fell 225.8 BTC over the same two dates, from 18,393.433581 BTC to 18,167.610112 BTC, which is 1.23% of the pool.
Coin count is the one number price cannot move
The dollar value of a spot fund’s holdings swings with the market every day. The number of coins in it does not. Two of the things that change the count are units being created or redeemed, and the fund paying its costs out of the coins. Units are created and redeemed by large institutions called designated brokers, so the count moves through that machinery rather than through a unitholder hitting a sell button. Our page on the best Canadian ETFs sets out how that machinery keeps a fund tethered to what it owns.
The Ethereum fund has two further terms, and the issuer spells out both. “The fund stakes a portion of its Ether holdings to earn additional yield through Ethereum’s proof-of-stake mechanism,” the page says. The manager takes a share of what that yield produces, and the fund detail rows set that share against rewards that have already had a cost taken out: the manager is entitled to “a portion of the staking rewards generated for the Fund by the Staking Activities (net of the validator fees) such that no less than 80% of the rewards accrue to the Fund and up to 20% of the rewards accrue to the manager.” Purpose states that fee “will only be deducted from any rewards generated by the Staking Activities.”
Both terms push the same way. Rewards add ETH to the pool, and the manager’s cut comes out of the rewards rather than out of the base holdings.
The non-hedged classes went opposite ways on coins per unit
Purpose publishes coins per unit for each fund’s exchange-traded classes, and over these twelve days the non-hedged classes on the two funds went opposite ways.
| Fund | Non-hedged class | Coins per unit, Oct 2 | Coins per unit, Oct 14 | Change |
|---|---|---|---|---|
| Purpose Ether ETF | ETF B (Non-FX Hedged) | 0.003337711078 ETH | 0.003338198935 ETH | +0.0146% |
| Purpose Ether ETF | ETF USD | 0.004183308802 ETH | 0.004183971550 ETH | +0.0158% |
| Purpose Bitcoin ETF | ETF B (Non-FX Hedged) | 0.000138324972 BTC | 0.000138289445 BTC | -0.0257% |
| Purpose Bitcoin ETF | ETF J (Carbon Offset Non-FX Hgd) | 0.000121568184 BTC | 0.000121531320 BTC | -0.0303% |
| Purpose Bitcoin ETF | ETF USD | 0.000175673978 BTC | 0.000175630161 BTC | -0.0249% |
Purpose Investments’ own published per-class figures for the two funds’ five non-hedged exchange-traded classes, on the issuer’s stated portfolio dates. Percentage changes are our arithmetic.
On our reading, a fee on these funds comes out of the coins rather than out of a cash balance, which is what the three Bitcoin rows are doing. We measured the same thing directly in our longer series on the Purpose Bitcoin ETF coin count: coins per unit on that fund’s non-hedged class fell in all five intervals between six readings, and annualised those intervals range from 1.084% to 1.553% a year against a published fund expense ratio of 1.31%, that class’s published total.
So a class that pays its fee in coins and still ends a period holding more coins per unit than it started with has received coins. The two Ethereum classes above did exactly that.
It is also not a fee difference running the other way, which is the obvious alternative. Purpose publishes a management expense ratio of 1.42% on the Ethereum fund’s non-hedged ETF series against 1.29% on the Bitcoin fund’s, so on fees alone the Ethereum class should have fallen faster. It rose. Over these twelve days the coins credited by staking exceeded the fee taken over the same days. A twelve-day accrual is not the published annual rate pro rata: over these same twelve days the Bitcoin fund’s non-hedged ETF B class shed coins per unit at 0.778% a year, against that 1.31%. Neither published number is the rate the whole pool pays, since other series draw on the same pool at other rates.
Cash moving in or out of one class without matching coins would move coins per unit too. The two Ethereum classes carry different published fees, 1.42% on the ETF (Non-FX Hedged) series and 1.38% on the ETF (USD) series, and rose by nearly the same amount, 0.0146% and 0.0158%, which is a credit arriving across the whole pool rather than a settlement at one class.
Price did the rest in the dollar figures. Purpose stated the Ethereum fund’s size at $464.3 million CAD and $325.7 million USD on October 2, and at $421.8 million CAD and $296.2 million USD on October 14, with net asset value on its hedged ETF class going from $9.83 CAD to $8.91 CAD. Ethereum fell 9.58% in Canadian dollar terms across those twelve days, from $3,801.45 CAD to $3,437.10 CAD, against a coin count down 1.05%. In US dollars it fell 9.37%, from $2,668.15 USD to $2,418.21 USD, which is 2.70 times Bitcoin’s 3.47% fall from $84,497.21 USD to $81,562.49 USD on our arithmetic from Yahoo Finance daily closes. The Bitcoin fund’s stated size went from $2.2 billion CAD to $2.1 billion CAD, with hedged class net asset value of $14.68 CAD then $14.21 CAD.
The two funds, side by side
| Fund | Ticker | Coins, Oct 2 | Coins, Oct 14 | Change | Change, % | Asset move, USD |
|---|---|---|---|---|---|---|
| Purpose Ether ETF | ETHH | 123,186.6 ETH | 121,894.6 ETH | -1,292.0 ETH | -1.05% | -9.37% |
| Purpose Bitcoin ETF | BTCC | 18,393.4 BTC | 18,167.6 BTC | -225.8 BTC | -1.23% | -3.47% |
Holdings are Purpose Investments’ Level 4 figures on the issuer’s stated portfolio dates, rounded here to one decimal. Asset moves are Yahoo Finance daily closes over the same two dates, and the percentages of each pool are our arithmetic. The two coin-change rows are not the same measurement: the Ethereum figure is net of coin income, because the pool earned coins over the window as well as giving them up, and the Bitcoin fund earns none, because it does not stake.
Two readings are two readings
Our six-reading series on the Bitcoin fund runs from 21,243.118 BTC, on the fund’s page as archived on July 4, 2025, to 18,393.433581 BTC on October 2, 2026. The count fell in all five intervals between those readings, and the last is 13.41% under the first.
A seventh date sits between the last two, and it is lower than both. Our ranking of Canadian crypto stocks, which weighs how much cryptocurrency a share in a listed company actually owns, states that the Purpose Bitcoin ETF held 18,327.44 bitcoin as of September 11, 2026. So the count rose by about 66 BTC, or 0.36%, between September 11 and October 2, before printing lower again on October 14. Sparse sampling is not an unbroken decline.
Where this leaves a Canadian holder
Both pools held fewer coins on October 14 than on October 2, and on the Ethereum fund the published fall understates the coins that left, because it is net of the coin income staking credited over the same window. Per unit they went opposite ways: a holder of the Ethereum fund’s non-hedged classes ended these twelve days with more coins behind each unit than they started with, and a holder of the Bitcoin fund’s ended with fewer. Two readings do not say what either count does next.
Bitcoin was at $80,782.06 USD and $114,770.22 CAD on the morning of October 15, down 0.96% and 1.00% against the October 14 closes above. Ethereum was at $2,358.01 USD and $3,352.06 CAD, down 2.49% and 2.47% on the same basis. Those are readings taken that morning, not closes.
Data as of October 15, 2026 for prices and October 2 and October 14, 2026 for fund figures.
Fund holdings, sizes, coins per unit, net asset values, expense ratios and staking terms are Purpose Investments’ own published figures and wording from the two fund pages, carrying the issuer’s stated portfolio dates. Prices are Yahoo Finance daily closes, with the October 15 figures a reading taken that morning rather than a close. The September 11, 2026 Bitcoin fund holding is the figure published on our own Canadian crypto stocks page, and the six-reading Bitcoin series, its per-unit interval rates and the 1.31% fund expense ratio come from our October 4, 2026 article. The percentage changes in each coin pool, the per-unit percentage changes and annualised rate, and the comparison between the two asset moves are our own calculations.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Fund holdings, sizes, net asset values, management expense ratios and staking terms are Purpose Investments’ own published figures from the Purpose Ether ETF and Purpose Bitcoin ETF fund pages, on the issuer’s stated portfolio dates of October 2 and October 14, 2026. Cryptocurrency prices are Yahoo Finance daily closes, with the October 15 figures a reading taken that morning rather than a close.
