Ontario approves second Bitcoin ETF

The Ontario Securities Commission (OSC) has granted approval to Evolve Funds Group to launch its exchange-traded fund (ETF) based on the first cryptocurrency.

Evolve ETFs will soon be bringing one of the world’s first Bitcoin ETFs to market. Providing investors access to bitcoin through an ETF structure. Stay tuned for launch date and more. #cryptoinvesting #bitcoin #etfs https://t.co/RoNUBIUIhq

— Evolve ETFs (@EvolveETFs) February 16, 2021

The fund will trade under tickers EBIT (CAD) and EBIT.U (USD) on the Toronto Stock Exchange (TSX). This will occur three weeks after the corresponding application was filed with the OSC.

Bitcoin ETF quotes from Evolve Funds Group will mirror the movement of CF Benchmarks’ Bitcoin Reference Rate index, which aggregates data from several cryptocurrency exchanges.

According to the fund’s prospectus, access to the product will be available to residents of all ten provinces and three territories of Canada.

«The product structure allows daily creation and redemption of ETF shares. Investors will not have to pay high premiums on the secondary market», — прокомментировал Суй Чун, генеральный директор CF Benchmarks.

Earlier in February OSC approved the application to launch a Bitcoin ETF managed by Purpose Investments.

In October on the TSX started trades of the index Bitcoin fund shares by 3iQ.

As of this writing, the regulator had not approved any of them.

Earlier, SEC Commissioner Hester Peirce said the U.S. capital markets are ready to launch bitcoin-based exchange-traded products.

Evolve en Finalprosp Bits by ForkLog on Scribd

Follow ForkLog on Facebook!