Third Bitcoin ETF launching in Canada this week

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Yet another Bitcoin ETF is set to be listed on The Toronto Stock Exchange on Tuesday. This Bitcoin exchange-traded fund will give investors exposure to the cryptocurrency, letting them invest directly.

The announcement confirms that regulators have approved the final prospectus for what is being called the “CI Galaxy Bitcoin ETF”. It comes from provider CI Global Asset Management, and is expected to begin trading on the TSX under the ticker BTCX.

Subject to approval from the bourse, of course.

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Kurt MacAlpine, CEO of CI Financial, the parent company of the CI Global Asset Management:

“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.”

BTCX is designed to provide investors with a convenient way to gain direct exposure to Bitcoin through an institutional quality fund platform. The holdings of the cryptocurrency will be priced using the Bloomberg Galaxy Bitcoin Index.

If approved, the listing makes BTCX the third Bitcoin ETF in North America. Similar products from Evolve Funds Group and Purpose Investment are both listed on the Toronto Stock Exchange. The former firm also filed for an Ether ETF earlier this month.

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