Canada’s Third Bitcoin ETF Might Spring as CI Global Files Issue

After two ETFs went live last week, there could be a third Canadian bitcoin exchange-traded fund (ETF). On Friday, CI Global Asset Management, a subsidiary of a firm in charge of more than $230 billion worth of assets, filed a preliminary prospectus for the financial instrument.

Previous Canadian Bitcoin ETFs

The new CI Galaxy Bitcoin ETF (BTCX) would be under the management of CI. It will also receive advice from merchant bank Galaxy Digital. Both mentioned firms have partnered previously on the CI Galaxy Bitcoin Fund, a closed-end investment product.

North America’s first publicly-traded Bitcoin Exchange Traded Fund (ETF) raised $ 421.8 million in assets under management (AUM) in two days.

The Bitcoin Purpose Investment ETF officially began trading on the Toronto Stock Exchange (TSX) on Thursday under BTCC. The fund received a lot of interest and sold more than $ 100 million in shares on the first day, and raised $ 421.8 million by the end of Friday.

Eric Balchunas, an analyst at Bloomberg Intelligence ETFs, wrote on Twitter that the Bitcoin Purpose Investment ETF could reach a net worth of $ 1 billion by the end of this week.

The second bitcoin ETF was approved by the Ontario Securities and Exchange Commission (OSC) after the Investment Destination bitcoin ETF launched on TSX on Thursday.

Evolve said it would allow investors to get exposure to daily price movements in the Bitcoin price in US dollars, which will take advantage of the ETF structure and will allow investors to own bitcoin directly on the bitcoin blockchain in a cold wallet.

Raj Lala, CEO of Evolve said that the ability to offer ETFs holding physical bitcoins is changing the game in Canada.

The Evolve and Purpose Investment’s bitcoin ETFs have a 1% management fee.

Opening Up to Bitcoin

Evolve’s CEO mentioned that Bitcoin has proven to be an asset that is not associated with any other significant asset class – and now acts as an asset class itself.

There are several reasons for the recent adoption of Bitcoin. One of these is confidence in its value by both retail and, more recently, institutional investors.

Recently, electric car maker Tesla Inc. revealed they bought 1.5 billion worth of bitcoin. BlackRock Inc., the world’s largest wealth manager, is reported to have done the same. The city of Miami is considering allowing residents to pay taxes using Bitcoin.

Taken together, this is further evidence that cryptocurrencies, once the domain of outsiders are approaching a mainstream where large companies, governments, and even former prime ministers are confident enough to plan their future or use it or discuss it.

Canadian firm 3iQ also filed a preliminary prospectus for a bitcoin ETF last week.

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Canada: Second Bitcoin ETF Set to Commence Trading on Toronto Stock Exchange

The Canadian Evolve Bitcoin exchange-traded fund (ETF) is on course to join the Toronto Stock Exchange (TSE) under the name EBIT. The Exchange of Canada, which regulates all capital markets, granted it exempt status and will provide it to corporations.

EBIT is The Second Approved ETF on TSE

The Exchange of Canada’s rules is systematized and regulated, placing regulations on stocks, commodities, and other types of products.

The fund comes as the second bitcoin ETF given the green light by the Ontario Securities Commission(OSC). Purpose Investment had its bitcoin ETF approved as the first on the Toronto Exchange on the 18th of February this year. 

Evolve’s CEO Raj Lala, expressed delight on the matter saying,

“The recent institutional adoption has helped further legitimize the progress of bitcoin…..Being able to offer an ETF which holds physical bitcoin is a real game-changer in Canada.”

A Breakthrough on the Digital Market

Since its first launch, the ETF has built up massive popularity and outshined more conventional options. Purpose’s bitcoin ETF was one of Toronto’s highest-ranking securities after its launch. According to data from the exchange tracker TMX group, approximately 10 million shares were sold during the ETF debut day.

Bitcoin ETFs are becoming more popular by the day as they give people an insight into having BTC without necessarily holding the digital coins. According to Bitcoin Private, bitcoin attracts a small number of knowledgeable traders who want to profit from rapidly improving technology. The bitcoin technology is a fresh swim in the storm for many investors who will ultimately determine its final success.

The OSC’s approval of bitcoin ETFs has encouraged investors in the US to push the United States Securities and Exchanges Commission(SEC) to include ETFs in the digital market. Nevertheless, the SEC has turned down several requests filed by exchanges to trade bitcoin ETFs, resonating the action from security concerns.

Bitcoin ETFs Moving Past Hurdles

Bitcoin is increasingly gaining ground as a currency, like the United States Dollar, which also functions similarly to a conventional currency. However, analysts warn investors to be very careful while handling their portfolios because of how volatile the digital coin’s price is.

Amy Arnott, a portfolio analyst, supported the idea of including bitcoin ETFs on the market, saying it comes as a ‘holy grail.’ Although happy about ETF in exchanges, the analyst continued to say the bitcoin price volatility is a concern.

The bitcoin exchange-traded fund represents a quantum leap from conventional investments in virtual currency. Bitcoin is not backed by any central bank, is decentralized, and its transaction records are not stored in any central database. The spread between the price when you buy it and the price you sell it at are proof that it operates without any central authority or middleman.

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