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Second Canadian Bitcoin ETF Begins Trading on TSX Today
This is the second bitcoin ETF approved to trade in Canada.
The Evolve bitcoin exchange-traded fund (ETF) is trading on the Toronto Stock Exchange under the ticker “EBIT,” effective Friday.
This is the second bitcoin ETF to be have been approved by the Ontario Securities Commission (OSC) after Purpose Investment’s bitcoin ETF went live on the TSX on Thursday.
STORY CONTINUES BELOW
Both Evolve and Purpose Investment’s bitcoin ETFs have a management fee of 1%.
The Purpose Investment’s bitcoin ETF which is trading under the ticker “BTCC” has already seen huge interest and traded $200 million shares on its first day.
Evolve said it will provide investors with exposure to the daily price movements of the U.S. dollar price of bitcoin making the most of the ETF structure and investors will directly own bitcoin on the bitcoin blockchain in a cold wallet.
Read more: Evolve Becomes Second Canadian Issuer to Win Approval for Bitcoin ETF
“Being able to offer an ETF which holds physical bitcoin is a real game-changer in Canada,” said Raj Lala, president, and CEO at Evolve. “Bitcoin has proven to be a store of value that is uncorrelated to other major asset classes – and has now emerged as an asset class itself.”
Gemini Trust company is the sub-custodian for Evolve ETFs holdings of bitcoin.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
