The world's second Bitcoin ETF starts trading
Bitcoin ETF has regained prominence. Well, at least in Canada. Bitcoin has approached $ 57K in price with a market capitalization of over $ 1 trillion. With this, funds that were once traded on the exchange, or better known as ETFs, have started to make their way onto the Toronto Stock Exchange one by one.
The latest in question is Canada-based Evolve Funds Group Inc. The platform announced the launch of the Bitcoin ETF (EBIT). According to the official press document released, EBIT has closed its initial offer of units. In addition, it began trading on February 19 on the Toronto Stock Exchange under the ticker symbol EBIT.
The world's leading crypto-asset has continued to gain new momentum and showed no signs of cooling amid growing investor interest. Thus, it has managed to capture the minds of people who were previously skeptical of its growth.
While noting that the recent institutional and retail splurge on Bitcoin, which has helped further legitimize its progress, Raj Lala, President and CEO of Evolve further commented:
“Being able to offer an ETF containing physical bitcoins is a real game changer in Canada. Investors can now participate in bitcoins through their brokerage accounts within their RRSP and TFSA.
The Canadian ETF provider has $ 1.7 billion in assets under management (AUM). It also revealed that EBIT will be available in unhedged units denominated in Canadian dollars and unhedged units denominated in US dollars.
Interestingly, with regards to EBIT holdings of Bitcoin, Gemini Trust Company, LLC will act as a sub-custodian. Confirming the development, Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, tweeted:
Today, the world's 2nd #Bitcoin ETF will begin trading on the Toronto Stock Exchange under ticker $ EBIT. All the BTC of @EvolveETFs Bitcoin ETF is secured by @Gemini Custody and every BTC transaction is cleared through @Gemini Clearing. Onward! 💪🚀
– Tyler Winklevoss (@tyler) February 19, 2021
This news comes just a week after the Ontario Securities Commission (OSC) approved the second Evolve Funds bitcoin ETF a few days after approving the Purpose Bitcoin ETF on February 12.
Crypto Economy had previously reported that Purpose Investment's Bitcoin exchange-traded fund (ETF) became the first of its kind to debut on the Toronto Stock Exchange.
Shortly after its launch, the Purpose Investments fund became one of the most actively traded securities in Toronto. This was due to the fact that it attracted a massive volume of trading from investors.
The approval by the Canadian regulator of two Bitcoin ETFs could help fuel optimism among US policy makers.The Securities and Exchange Commission (SEC) has been quite strict when it comes to Bitcoin ETFs and has not approved a single vehicle in the country.
The latest move by its Canadian counterpart could help ease the barriers to difficult decision-makers and provide much-needed regulatory clarity.
If you are interested in this project and want to be informed of everything that happens, visit our section News about Bitcoin (BTC)