Canadian Firm Files for Bitcoin ETF
By Josiah Wilmoth
Canadian investment firm Evolve Funds Group has filed for Canada’s first exchange-traded fund (ETF) that tracks the price of a cryptocurrency. If approved, this will be the first Bitcoin ETF offered to North American investors.
Evolve Funds Files for Bitcoin ETF
The Toronto-based firm announced that it has filed a preliminary prospectus with Canadian securities regulators. The Evolve Bitcoin ETF (BITS) would provide Canadian investors with exposure to the price movement of bitcoin without having to interact with the cryptocurrency itself.
Unlike the funds offered by European investment firm XBT Provider AB, BITS will not hold bitcoin directly but will rather invest in CFE Bitcoin Futures that attempt to mirror the price of the underlying asset. Investors will have access to both hedged and unhedged shares.
“Accessing Bitcoin is not easy for many — it is a very complicated and expensive process as investors are currently unable to trade them in a regular brokerage account,” said Raj Lala, President & CEO of Evolve ETFs. “An ETF tied to the price of Bitcoin could be a simpler way for investors to participate in its growth.”
Lala added that cryptocurrency use could “increase significantly” as the world moves further into the digital age.
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