Canada approves ETF for bitcoin and Ethereum basket

Kanada genehmigt ETF für Bitcoin- und Ethereum-Korb

Management company Evolve Funds Group has received regulatory approval to launch the Evolve Cryptocurrencies ETF based on bitcoin, Ethereum and other cryptocurrencies.

Evolve Funds Group Inc. is launching Canada’s first multi-cryptocurrency exchange-traded fund (ETF) on the Toronto Stock Exchange today. It aims to provide a less volatile fund for advisors whose clients want to get into that market.

The exchange-traded fund will be listed on the Toronto Stock Exchange under the ticker ETC (in Canadian dollars without hedging) and ETC.U (also without hedging in US dollars).

The fund's AUM is $200 million.

At launch, Evolve Cryptocurrencies ETF will invest in the firm's previously launched Bitcoin ETF (ticker symbol EBIT) and Ether ETF (ETHR). In the future, the entity will also be able to invest in other cryptocurrencies approved by the regulator.

"With this diversification, investors will be able to reduce investment volatility," said Raj Lala, CEO of Evolve.

Earlier, Canadian regulators approved the Purpose Bitcoin ETF, Evolve Bitcoin ETF, CI Galaxy Bitcoin ETF and 3iQ CoinShares Bitcoin ETF based on the first cryptocurrency as well as the Purpose Ether ETF, CI Galaxy Ethereum ETF, Evolves Ether ETF and 3iQ CoinShares Ether ETF based on Ethereum.

As a reminder, at the end of September, SEC chief Gary Gensler confirmed that the Commission would approve bitcoin ETFs, which would be based on CME-traded futures and comply with the Investment Company Act of 1940.

Valkyrie Investments, VanEck, Invesco, ProShares, Galaxy Digital and AdvisorShares have submitted applications in recent months to launch bitcoin-based exchange-traded funds in line with these recommendations.

In August, Bloomberg experts predicted SEC approval of a bitcoin-ETF by the end of October.

Our ETH price prediction tells you all you need to know of the latest New cryptocurrencies coin news to spot the best trading opportunities. The trading app test winner.

Ethereum sssss
Ethereum 2.0 deposit

Related Posts

Coinbase announces launch of NFT marketplace

The SEC has spoken out against the creation of a ‘safe haven’ for ICOs

CleanSpark used mined bitcoins to buy 4,500 miners

Nouriel Roubini predicted a total shift to digital currencies by central banks