Alternative Investments/Digital: The CI Galaxy Bitcoin ETF Launches On The TSX Tomorrow
As the U.S. regulators continue to dilly-dally on bitcoin ETFs, Canada has already green-lighted its third fund.
After bitcoin ETFs from the Evolve Funds Group and Purpose Investment both listed on the TSX last month, a third ETF, this time from CI Global Asset Management, will debut on the Toronto Stock Exchange tomorrow (March 9). (BusinessWire)
CI Galaxy Bitcoin ETF (BTCX)
Canadian securities regulators have issued a receipt for the final prospectus of the ETF, clearing the path for its listing on the TSX.
The bitcoin holdings of the ETF will be priced using the Bloomberg Galaxy Bitcoin Index, which is designed to measure the performance of a single bitcoin traded in U.S. dollars. The BTC is owned and administered by Bloomberg Index Services Ltd.
“The CI Galaxy Bitcoin ETF offers investors a secure and convenient means of holding bitcoin in their portfolio,” said Kurt MacAlpine, Chief Executive Officer of CI Financial, the parent company of the CI GAM.
While CI Global Asset Management will be the manager of the ETF, Galaxy Digital Capital Management LP will act as the bitcoin sub-advisor for the ETF and execute trading on its behalf.
Good response in Canada
“We believe the emerging digital asset class presents compelling growth and diversification opportunities,” said Steve Kurz, Partner and Head of Asset Management at Galaxy Digital Capital Management. “The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.”
Meanwhile, the Purpose Bitcoin ETF, which started trading on the TSX last month on February 18, saw huge demand resulting in a trading volume of over $165 million as of February 19, 2021.
As of last week, the ETF held more than 11,000 bitcoins valued at approximately US$550 million.
Latest Alternative Investment News
In a unique plug for bitcoin’s adoption, MicroStrategy (NASDAQ: MSTR), the business information firm, has decided to pay its non-employee directors in bitcoin. The company has been a trendsetter, setting…
Alternative Investments/Digital: Yet Another Bitcoin ETF Application; Galaxy Digital Is The Latest Hopeful
Galaxy Digital, the cryptocurrency investment firm led by Mike Novogratz, has filed an application with the SEC to launch a bitcoin ETF that will trade on the NYSE Arca. The…
Microsoft (NASDAQ: MSFT) may buy Nuance Communication (NASDAQ: NUAN) at a valuation of $56 per share, according to Bloomberg, which cited unnamed people who were familiar with the matter. The…
Venture Capital: Supervest, A Platform That Matches Loan-Seeking Merchants With Investors, Is Seeking Funds
Supervest calls it a new asset class. Merchant cash advances (MCA) are a form of short-term financing for merchants in the form of a sales agreement in which capital is…