Bitcoin ETFs are now the order of the day as most of the crypto population is running into it, making it a success. On the back of the previous success, a Canadian company has announced that it is set to begin its Bitcoin ETF. This will be the third Bitcoin ETF in the country if it is indeed carried out.
According to the company in question, CI Global Asset Management is already finalizing moves to roll out its Bitcoin ETF in the coming days. With the Bitcoin ETF set to launch, it is set to use the symbol BTCX while debuting the Toronto stock exchange. If launched successfully, the Toronto stock exchange will also see the listing of yet another Bitcoin ETF after the Purpose and Evolve Bitcoin ETF launch.
The first two ETF has seen massive success
The rate at which the Bitcoin ETFs are being launched in Canada buttresses the fact that institutional and retail users are seeing new ways to invest their assets while earning profits. In the statement of the head of management, Steve Kurz, he pointed out that the emerging digital assets present a way for investors to gain massive profits through diversification of their portfolio. This newly listed Bitcoin ETF is a way for institutional investors to gain decent exposure to Bitcoin and other digital assets without the need to expose themselves to too many risks.
A firm linked with Novogratz-owned Galaxy Digital will subsequently take up the BTC trading activities and help in an advisory role for the newly listed ETF. Before they were given the go-ahead for listing, the company mentioned that they already submitted their documents for review since February. Exchange Traded Funds allow investors to earn profits from tradeable assets while getting exposed to different market assets.
The United States SEC are still opposed to Bitcoin ETFs
In the case of an ETC, investors hold Bitcoin but are not in charge of trading it, which the firm in question primarily does. The fund managers are always the ones that hold the assets and they, in turn, charge the investors some fees for their activities. This recently launched ETF has been touted to be successful, just like the previously launched ETFs in the country.
The first launched Purpose ETF saw a massive accumulation of $470 million the week after they officially launched. At the same time, Evolve ETF saw a smaller growth compared to Purpose but still turned in $54 million in AUM. While the ETF markets have been doing well in Canada, the United States of America Securities and Exchange Commission has failed to pass a Bitcoin ETF for listing.
The regulator has cited many reasons, including manipulating the Bitcoin market as the bone of contention. With Bidens administration gaining their ground, they would probably be a reconsideration of the assets by regulators. Competition in Canada might be on the increase as more firms would be hoping to roll out their own Bitcoin ETF on the back of the success of the first three.