Canada: 3rd Bitcoin ETF to Begin Trading on the Toronto Stock Exchange

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Bitcoin
Canada: 3rd Bitcoin ETF to Begin Trading on the Toronto Stock Exchange

The third Canadian Bitcoin ETF, dubbed the CI Galaxy Bitcoin ETF, ticker symbol BTCX, will begin trading on the Toronto Stock Exchange on March 9, a press release on March 8 by the CI Galaxy Digital Capital Management (CI GAM) confirming the new derivatives product revealed.

Compelling Growth and Diversification Opportunities

According to the issuer, the Bitcoin ETF issuance responds to the digital asset’s growth that presents “compelling growth and diversification opportunities.”

CI GAM, the ETF manager, is the financial arm of the Galaxy Digital Capital Management LP—GDAM (the Bitcoin sub-advisor) that manages assets worth over $200 billion.

GDAM will execute all Bitcoin trades, utilizing their deep wealth of experience managing third-party capital and their connections in the blockchain and digital spaces.

Direct Exposure to Bitcoin

BTCX will now allow institutional-grade investors to have direct exposure to Bitcoin via quality and regulated fund platform.

The fund will directly invest in Bitcoin, whose price feeds are from the Bloomberg Galaxy Bitcoin Index. BTC acquired will also remain under the custody of Bloomberg Index Services Ltd.

Commenting, Kurt MacAlpine, the Chief Executive Officer of CI Financial, the parent company of the CI GAM, said:

“The CI Galaxy Bitcoin ETF offers investors a secure and convenient means of holding bitcoin in their portfolio. I believe our ETF stands out based on its highly competitive price point and CI and Galaxy’s extensive capabilities and track record in managing alternative investments and digital assets. “

The BTCX is the third to be approved by Canadian authorities. It follows the success of the TSX Purpose Bitcoin ETF.

On launch, it attracted interest from institutions, posting high trade volumes.

Bitcoin a Shield against Inflation

As Bitcoin and crypto evolve and matures, alternative investment products will continue attracting capital as investors continue to diversify.

After the U.S. Senate approved the $1.9 trillion stimulus package, Bitcoin prices will likely edge higher in the face of possible inflation.

As BTCManager reports, Aker Group—one of the leading oil companies in Norway, will begin funding Bitcoin and blockchain-related projects through a new subsidiary, Seetee AS.

Dalmas Ngetich

Dalmas is a very active blockchain and cryptocurrency content creator and highly regarded Technical Analyst. He is a Mechanical Engineer by profession and an activeTrader, whose first encounter with Bitcoin was in 2015—and by accident. Ever since, it has been an exciting journey where life-long friendships have been forged, and careers made and strengthened.