Canada approves ETF for bitcoin and Ethereum basket
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.
https://twitter.com/WealthProCA/status/1443316648895782913
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.
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.
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