Alternative Investments/Digital: North America’s First Bitcoin Mutual Fund From CI Global
The CI Bitcoin Fund provides dedicated exposure to bitcoin.
CI Global Asset Management announced Monday the launch of the first mutual fund to offer exposure to bitcoin. The CI Bitcoin Fund requires a minimum investment of only $500 and charges a management fee of 0.40% – claimed to be an industry-low.
With the launch of this product, CI Global earns the distinction of being the only firm across the globe to offer a bitcoin mutual fund as well as a bitcoin ETF. (BusinessWire)
CI Bitcoin Fund
The mutual fund will invest its assets in the CI Galaxy Bitcoin ETF, which trades on the Toronto Stock Exchange under the ticker (TSX: BTCX).
CI Bitcoin Fund is available to retail investors in Canada in Series A, F, and P units.
Series A carries a management fee of 0.90% and Series F, 0.40%, which is the same management fee as BTCX.
BTCX, the ETF, invests in bitcoin and tracks the Bloomberg Galaxy Bitcoin Index.
CI Global: A mutual fund for bitcoin
“CI Bitcoin Fund provides another convenient, secure, and cost-effective option for Canadian investors to add bitcoin to their portfolios,” said Kurt MacAlpine, Chief Executive Officer of CI Financial Corp., the parent company of CI GAM. “As investor interest in digital assets continues to grow, it was a natural next step for CI to extend our bitcoin investment capabilities to a mutual fund platform, in addition to the CI Galaxy Bitcoin ETF.”
“In offering a broad suite of crypto products, we are truly democratizing access to bitcoin and other digital assets,” Mr. MacAlpine said.
Related Story: The CI Galaxy Bitcoin ETF Launches On The TSX Tomorrow
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