The Canadian regulators has approved the launch of third Bitcoin ETF from CI Global Asset Management and Mike Novogratz’ Galaxy Digital.
March 9, 2021 | AtoZ Markets – According to a statement from CI Global Asset Management (CI GAM), regulators in Canada approved an application to launch the third Bitcoin ETF. The CI Galaxy Bitcoin ETF (BTCX) will begin trading on the Toronto Stock Exchange on March 9.
CI GAM also plans to merge its existing CI Galaxy Bitcoin Fund with an ETF, which manages approximately $172 million in assets.
The regulators in Canada issued permission to launch the ETF back on March 4, but the official announcement was made only last weekend. BTCX will provide investors with access to BTC, and its assets will be valued using the Bloomberg Galaxy Bitcoin Index. CI Financial CEO Kurt MacAlpine said:
“The CI Galaxy Bitcoin ETF offers investors a safe and convenient way to add BTC to their portfolio. I believe our ETF stands out for its competitive pricing, extensive CI and Galaxy capabilities, and expertise in alternative investment and digital asset management.”
CI GAM will manage the ETF, while Galaxy Digital Capital Management LP will act as co-manager and trade BTC on behalf of the fund. The bitcoins held by ETFs will be held in cold storage “in accordance with the industry-leading security protocol,” the companies said.
As a reminder, the Canadian regulator approved the first Bitcoin ETF in February this year, and a few days later registered the launch of the second ETF. Shortly after applying to launch a Bitcoin ETF, CI GAM and Galaxy applied to the Ontario Securities Commission to launch an Ether ETF for trading on the Toronto Stock Exchange.
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