Third Bitcoin ETF In Canada Is About To Launch Today: Report

A third Bitcoin ETF in Canada is about to launch today with regulators approving it after more than $500 million were invested in competing products so let’s read more in our latest bitcoin news today.

Canada has been quite welcoming of  BTC in traditional markets and a third bitcoin ETF in Canada is about to be launched in less than a few hours. The Bitcoin ETF has been approved by Canadian securities regulators as the CI Global Asset Management prepares their own BTC-based offering. The ETF will be launched under the BTCX symbol on the Toronto Stock Exchange and it will join the Purpose Bitcoin ETF and Evolve Bitcoin ETF both of which were launched a month ago.
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The slate of BTC ETF launches in North America is only a strong sign that Bitcoin is becoming a friendly asset and introduces a whole new class of investors to the world of crypto. GDAM Partner and Head of Asset Management Steve Kurz said:

 “We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.”

Galaxy Digital Asset Management is a subsidiary of Michael Novogratz’ Galaxy Digital which will execute the BTC trading and will act as a sub-advisor for the new ETF. The company submitted the ETF prospectus for regulatory review back in February and all exchange-traded funds that allow investors to take exposure to a variety of different stocks by purchasing a single tradeable asset and in case of a BTC ETF investors use the products as a mean of investing in BTC without actually holding one, but by simply entrusting custody and management of the digital assets to fund managers for a small fee.

Other BTC ETFs launched in Canadian markets were a success with the Purpose Bitcoin ETF attracted more than $470 million one week after a launch in February with the Evolve with one having more than $54 million in assets under management which is a measure of total current investments. BTC ETF applications in the US were rejected by the SEC on the grounds that the markets can be manipulated. But the inaugurated Biden administration spurred hopes which regulators taking another look at the BTC ETF applications with Valkyrie Digital Asset resubmitting the application being withdrawn in 2019.