2021年10月26日

Bitcoin ETF heading for normalization? Canada approves three bitcoin ETFs in a month

Canada has launched its third bitcoin ETF in just a month.

Canadian securities regulators have approved the listing of CI Global Asset Management’s (CI GAM) Bitcoin ETF(BTCX), which is expected to begin trading on the Toronto Stock Exchange (TSX) on March 9, according to the company’s website.

CI GAM’s parent company, CI Financial Corp. Kurt MacAlpine, CEO of BTCX, said: “BTCX provides investors with a safe and easy way to incorporate bitcoin into their portfolios.” “I believe our ETF will stand out with its very competitive prices and good ability to manage alternative investments and digital assets.”

In addition, according to the announcement, CI GAM will act as a fund manager for BTCX, while Galaxy Digital Capital Management LP(” GDCM “) will act as a secondary advisor to BTCX executing Bitcoin transactions.

CI GAM, whose parent company is CI Financial Corp., is one of Canada’s largest investment managers, according to the filings. (TSX: CIX, NYSE: CIXX). CI Financial Corp. Is a provider of global asset management and wealth management advisory services, with total assets of approximately C $231.8 billion as of January 31, 2021. GDCM is the asset management arm of Galaxy Digital, which provides financial services in the field of Digital assets and blockchain technology.

ETFs, or exchange-traded funds, are open-ended funds that can be Traded on a stock Exchange. Fund managers can sell new fund shares at any time or buy back their fund shares at the request of investors at any time.

The launch of a bitcoin ETF would mean more mass investors would have access to bitcoin. The listing of BTCX, the third bitcoin ETF, could be a sign that Canadian ETF listings and trading are becoming more normalized.

Just in February, the world’s first two Bitcoin ETFs were launched, by Canadian asset manager Purpose Investments Inc. And Evolve Funds Group Inc. It has been approved by the Ontario Securities Commission (OSC). Forbes also reported that Purpose Investments Inc. The launch of a Bitcoin ETF has seen trading volume exceed $400m in just two days.

In addition to Canada, authorities in the United States are also filing with regulators to list bitcoin ETFs.

On March 2, Forbes reported that Cboe Global Markets Inc. (CBOE), the Chicago Board Options Exchange (CBOE). Filed an application to list a Bitcoin ETF with the Securities and Exchange Commission (SEC) on March 1. If approved, VanEck Bitcoin Trust could become the first cryptocurrency ETF to be approved in the US.

Journalist Ye Yinhe

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