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Canada’s CI Financial files for New Bitcoin ETF

Canada's CI Financial files for New Bitcoin ETF

CI Global Asset Management, the subsidiary of Canadian financial company CI Financial, has filed for a new Bitcoin ETF on February 16. The ETF would employ Mike Novogratz-owned Galaxy Digital as its sub-advisor and the Winklevoss brothers-owned Gemini as the custodian. The Bitcoin ETF is seeking for permission to get listed on the Toronto Stock Exchange. Once approved, the firm would handle the ETF with an annual management fee of only 1%.

CI Financial has its headquarters in Toronto, managing more than $230 billion in assets at the end of January. The financial firm is already running another Bitcoin fund worth about $172 million worth of assets. CI Global Asset Management will be the ETF. The Galaxy Digital Capital Management LP manager will perform as the Bitcoin sub-advisor for the ETF. Thus, Galaxy Digital will accomplish Bitcoin trading on account of the ETF. 

CI Financial’s Bitcoin ETF will offer Bitcoin exposure to investors

The latest Bitcoin ETF will offer investors a convenient way to receive Bitcoin exposure via an institutional-quality fund platform. CI Galaxy Bitcoin ETF (BTCX) will fund undeviatingly in Bitcoin with its holdings. It will employ the Bloomberg Galaxy Bitcoin Index to include a single Bitcoin’s performance traded in U.S. dollars. The index is maintained and administered by Bloomberg Index Services Ltd.

Furthermore, if approved, the Bitcoin ETF would be Canada’s third after Evolve’s Bitcoin ETF and Purpose’s Bitcoin ETF launch this week. Purpose’s Bitcoin ETF came into existence on Thursday and witnessed $165 million worth of trading volume, and became the most-traded ETF for the day in Canada. Evolve’s Bitcoin ETF started trading on Friday. Another Canadian crypto asset manager, 3iQ, also registered a Bitcoin ETF preliminary prospectus last week and anticipated approval. While in the U.S., various crypto firms have started filing and refiling their Bitcoin ETF applications with the SEC in recent weeks.

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