Evolve Funds Group has got the approval of its ETF in Canada, making it the second approved one in the country so let’s read more about it in our latest crypto news.
Evolve Funds Group will offer institutional investors in Canada a way to get more exposed to BTC thanks to their ETF after the Canadian regulators approved the application. The Ontario Securities Commission approved the application for a BTC ETF by Evolve Funds Group according to the announcement made by CEO Sui Chung from the crypto indices platform CF Benchmarks which the ETF will be using:
“The cryptocurrency market becomes more integrated with the traditional financial markets by the day. Evolve has developed a true first—giving investors an easy-to-understand product that is available through their existing brokers and advisors that gives ownership of Bitcoin.”
Exchange-traded funds are security that comprises various baskets of assets, and shares that can be listed on exchanges so in the case of a BTC ETF the underlying asset is the cryptocurrency and will allow institutional investors to get more exposure to digital assets without holding them or buying them. An ETF tracks of follows the price of the asset traded as a single traditional instrument so since the ETF can be freely traded on the stock markets, the holders can invest in BTC and other cryptocurrencies as well. Raj Laja, the president and CEO of Evolve said:
“Historically it has been difficult to gain exposure to Bitcoin. EBIT aims to provide Canadian investors with a simple and effective way to access the price of Bitcoin. Typically viewed as a non-correlated asset, Bitcoin is gathering institutional interest and being viewed as an alternative to traditional investments such as gold and a potential hedge against inflation.”
EBIT will hold BTC directly in its cold wallets and will conduct daily valuations of the BTC based on the Benchmark’s BTC reference rate so now the company has no plans for BTC derivatives or futures contracts as Chung added:
“Now that the OSC has said that if a product is well constructed enough, the crypto market is sufficiently mature for these types of financial products, the industry’s attention inevitably turns south of the border to the US. Will the SEC finally decide that the time is right for a Bitcoin ETF?
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The US SEC on the other hand has been turning down all crypto ETF proposals in the past few years while in Canada, this one is the second approved ETF.
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