Cryptocurrency (Mar 09, 2021 10:01AM ET)
Canada Approves Its Third Bitcoin ETF
- Canadian regulators have approved another Bitcoin exchange-traded fund (ETF).
- The approved Bitcoin ETF will be launched today by the CI Global Asset Management group.
- This marks the third time that the said country’s regulators are enabling Bitcoin ETF launch.
Canada’s securities regulators have approved another Bitcoin exchange-traded fund (ETF). In fact, the Bitcoin ETF is expected to launch March 9 by CI Global Asset Management.
Once launched, the Bitcoin ETF will begin peer-to-peer (P2P) trading via the Toronto Stock Exchange under the symbol BTCX. This will give investors exposure to the Bitcoin asset through an institutional-quality fund platform. Moreover, by holding BTCX, investors will get access to invest directly in Bitcoin via the Bloomberg Galaxy Bitcoin Index (“the BTC’’).
Galaxy Digital Asset Management Partner Steve Kurz said,
“We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.”
This is not the first time that Canadian regulators have given such Bitcoin ETF launch approval. Last month, similar products from Evolve Funds Group were approved and listed on the Toronto Stock Exchange.
Canada’s first-ever Bitcoin ETF BTCC also enjoyed tremendous success. After launching the BTCC in the crypto market, it traded almost over $80 million worth of shares during its first hour and $200 million overnight.
This article first published on coinquora.com