A Third Bitcoin ETF in Canada Is Set to Launch

CRYPTONAIRE LYWEEK

CRYPTO investment journal

A Third Bitcoin ETF in Canada Is Set to Launch

Canada has been very welcoming of Bitcoin in traditional markets.

A third Bitcoin ETF has been approved by Canadian regulators and will launch tomorrow.

A third Bitcoin exchange traded fund (ETF) has been approved by Canadian securities regulators, as CI Global Asset Management prepares their own BTC-based offering.

The CI Galaxy Bitcoin ETF will launch tomorrow, March 9, under the symbol BTCX on the Toronto Stock Exchange. The new ETF will join the Purpose Bitcoin ETF (BTCC) and Evolve Bitcoin ETF (EBIT), both of which launched just last month. The slate of Bitcoin ETF launches in North American markets is another sign of BTC becoming an institution-friendly asset, introducing a whole new class of conservative investors to the world of crypto.

“We believe the emerging digital asset class presents compelling growth and diversification opportunities,” GDAM Partner and Head of Asset Management Steve Kurz said in a press release. ”The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.”

Galaxy Digital Asset Management, or GDAM, a subsidiary of Michael Novogratz-founded Galaxy Digital, will execute BTC trading and act as a sub-advisor for the new ETF. CI Global Asset Management submitted the ETF prospectus for regulatory review in February.

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CRYPTONAIRE LYWEEK

CRYPTO investment journal