Canada approves ETF tracking a basket of Bitcoin and Ethereum

The fund manager Evolve Funds Group has received regulatory approval to launch Evolve Cryptocurrencies ETF based on Bitcoin, Ethereum and other cryptocurrencies.

Evolve Funds Group Inc. is launching Canada’s first multi-cryptocurrency exchange-traded fund (ETF) on the Toronto Stock Exchange today. It aims to provide a less volatile fund for advisors whose clients want to get into that market. https://t.co/lalrg0o0OM

— Wealth Professional Canada (@WealthProCA) September 29, 2021

The ETF will list on the Toronto Stock Exchange under the tickers ETC (CAD unhedged) and ETC.U (also unhedged in USD).

AUM of the fund stands at $200 million.

Initially, the Evolve Cryptocurrencies ETF will invest in the firm’s previously launched Bitcoin ETF (ticker EBIT) and Ether ETF (ETHR). In the future, the structure could invest in other cryptocurrencies approved by regulators.

“Such diversification will help investors reduce the volatility of their investments,” said Raj Lala, CEO of Evolve.

Earlier, Canadian regulators approved Purpose Bitcoin ETF, Evolve Bitcoin ETF, CI Galaxy Bitcoin ETF and 3iQ CoinShares Bitcoin ETF based on the first cryptocurrency, as well as Purpose Ether ETF, CI Galaxy Ethereum ETF, Evolves Ether ETF and 3iQ CoinShares Ether ETF based on Ethereum.

SEC Chair Gary Gensler confirmed that the Commission would approve Bitcoin ETFs based on CME-traded futures and in line with the Investment Company Act of 1940.

In recent months, filings to launch Bitcoin ETFs in line with these recommendations were submitted by Valkyrie Investments, VanEck, Invesco, ProShares, Galaxy Digital and AdvisorShares.

In August, Bloomberg analysts forecast SEC approval of a Bitcoin ETF by the end of October.

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