The third Bitcoin ETF will be launched in Canada this week. The output will be available to investors on the Toronto Stock Exchange tonight, under the ticker BTCX.
The SEC has allowed a Bitcoin ETF initiated by CI Global Asset Managemen. Recall that in February, two bitcoin-oriented crypto funds appeared on the Canadian market at once - BTCC and EBIT.
Canada is thus ahead of the United States in recognizing similar products. Previously, the Securities and Exchange Commission (SEC) rejected all applications for registration of crypto funds over the past few years.
According to GDAM partner Steve Kurtz, the demand for such products is growing in the institutional segment.
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The businessman stressed: "The CI Galaxy Bitcoin ETF offers easy and secure access to Bitcoin for traditional investors."
Galaxy Digital Asset Management is part of Galaxy Digital, founded by billionaire Mike Novogratz.
With the help of exchange-traded funds, investors enter a wide variety of assets - from stocks to commodities. When a Bitcoin ETF is launched, players can invest in BTC without physically buying cryptocurrency.
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Institutional trusts its funds to a fund manager to be responsible for transactions with a specific digital asset. Note that two crypto funds launched in Canada in February raised over $500M.