bitcoin etf, Bitcoin ETF Approval, bitcoin etf approved, bitcoin etf canada, bitcoin etf north america, bitcoin etf usa, canada bitcoin etf, evolve bitcoin etf, Purpose Bitcoin ETF, US Bitcoin ETF

Two bitcoin exchange-traded funds (ETFs) have been approved in Canada. Evolve Bitcoin ETF has become the second bitcoin ETF to get approval by Canada’s securities regulator. The first approved bitcoin ETF starts trading Thursday. Some believe that the approval of bitcoin ETFs in Canada improves the chances of one being approved by the U.S. Securities and Exchange Commission (SEC).

Two North American Bitcoin ETFs Approved

North America now has two approved bitcoin exchange-traded funds. Evolve Funds Group Inc. announced Tuesday that it has been cleared to launch a bitcoin ETF, becoming the second approved bitcoin ETF in North America. With $1.7 billion in assets under management, Evolve is one of Canada’s fastest-growing ETF providers.

The first approved bitcoin ETF in North America was cleared to launch last week by the Ontario Securities Commission. Purpose Bitcoin ETF will begin trading Thursday on the Toronto Stock Exchange.

Evolve Bitcoin ETF will also trade on the Toronto Stock Exchange (TSX), subject to the exchange’s approval. It will be “one of the world’s first physically settled bitcoin ETFs,†the company described, adding that there will be two offerings: unhedged ETF units (ticker: EBIT) and USD unhedged units (ticker: EBIT.U).

Raj Lala, Evolve ETFs’ president and CEO, commented:

Evolve Bitcoin ETF will provide investors with exposure to the daily price movements of the U.S. dollar price of bitcoin, the company detailed. “The ETF will not seek exposure through derivatives or futures contracts and will be backed directly by physically settled bitcoin holdings.â€

Elliot Johnson, chief investment officer and chief operating officer of Evolve ETFs, explained: “EBIT will directly own bitcoin on the bitcoin blockchain in a cold wallet. We are very pleased to be working with best-in-class cryptocurrency experts including, Gemini Trust Company, CF Benchmarks, Cidel Trust Company, and CIBC Mellon Global Services.â€

The crypto community applauds the Canadian regulator for continuing to approve bitcoin ETFs. Some believe that the U.S. SEC will follow suit and approve a bitcoin ETF this year. Among them is Twitter user “Mags,†who believes that two approved bitcoin ETFs in Canada “raise the likelihood of a U.S. ETF launching in 2021.â€

The user added that “Most (if not all) of the SEC’s prior concerns have been addressed,†emphasizing that government officials and regulators “look to competing jurisdictions, particularly with respect to innovation – the precedent has been set.†Several bitcoin ETF proposals have been filed with the U.S. SEC.

What do you think about bitcoin ETFs being approved in Canada? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Institutional Investors Pile Into Crypto Exchange-Traded Products: Managed Assets Rise to $44 Billion This Month

The total assets under management across all crypto exchange-traded products (ETPs) worldwide have risen 50% this month to nearly $44 billion. Among listed products, Grayscale’s bitcoin trust tops the list with the most assets under management while Bitwise’s fund was the best performing bitcoin product by market price over the last 30 days. Cryptocompare published […]

Xem chi tiết: Institutional Investors Pile Into Crypto Exchange-Traded Products: Managed Assets Rise to $44 Billion This Month

North American Bitcoin ETF’s First Trading Day Captures $165M in Volume

The North American Purpose Bitcoin ETF launch on Thursday saw massive demand, as more than $165 million in trade volume was recorded. In fact, the exchange-traded fund listed on the Toronto Stock Exchange (TSX) saw it’s first $80 million swapped during the first hour of trading sessions. Purpose Bitcoin ETF Captures $165 Million in Volume […]

Xem chi tiết: North American Bitcoin ETF’s First Trading Day Captures $165M in Volume

NYDIG Registers for a Bitcoin ETF, Morgan Stanley Named a Participant in SEC Filing

Just recently, during Microstrategy’s “Bitcoin for Corporations†event, Stone Ridge Asset Management and New York Digital Investment Group (NYDIG) founder, Ross Stevens, explained that he sees a “wall of money†entering the bitcoin space. A week later after that statement, NYDIG has revealed that the company has filed for a bitcoin exchange-traded fund (ETF) and […]

Xem chi tiết: NYDIG Registers for a Bitcoin ETF, Morgan Stanley Named a Participant in SEC Filing

NYDIG Registers for a Bitcoin ETF, Morgan Stanley Named a Participant in SEC Filing

Just recently, during Microstrategy’s “Bitcoin for Corporations†event, Stone Ridge Asset Management and New York Digital Investment Group (NYDIG) founder, Ross Stevens, explained that he sees a “wall of money†entering the bitcoin space. A week later after that statement, NYDIG has revealed that the company has filed for a bitcoin exchange-traded fund (ETF) and […]

Xem chi tiết: NYDIG Registers for a Bitcoin ETF, Morgan Stanley Named a Participant in SEC Filing

Bitcoin ETF Approved: First North American Bitcoin ETF Set to Trade on Toronto Stock Exchange

The first bitcoin exchange-traded fund (ETF) in North America has been approved to launch in Canada. Purpose Bitcoin ETF, an alternative mutual fund, is expected to list and trade on the Toronto Stock Exchange. With this approval, the U.S. has fallen behind Canada in approving a bitcoin ETF. First Bitcoin ETF Approved in North America […]

Xem chi tiết: Bitcoin ETF Approved: First North American Bitcoin ETF Set to Trade on Toronto Stock Exchange

Bitcoin ETF Approved: First North American Bitcoin ETF Set to Trade on Toronto Stock Exchange

The first bitcoin exchange-traded fund (ETF) in North America has been approved to launch in Canada. Purpose Bitcoin ETF, an alternative mutual fund, is expected to list and trade on the Toronto Stock Exchange. With this approval, the U.S. has fallen behind Canada in approving a bitcoin ETF. First Bitcoin ETF Approved in North America […]

Xem chi tiết: Bitcoin ETF Approved: First North American Bitcoin ETF Set to Trade on Toronto Stock Exchange

Crypto ETF Race Heats Up in 2021- Valkyrie Bitcoin Trust Files to List Shares on NYSE

2021 has been an explosive year for bitcoin as the crypto asset has touched new all-time price highs as cryptocurrencies have seen increased demand. Meanwhile, a number of crypto proponents expect the first exchange-traded fund (ETF) to be approved this year as a number of firms are racing to launch an ETF. On Friday, the […]

Xem chi tiết: Crypto ETF Race Heats Up in 2021- Valkyrie Bitcoin Trust Files to List Shares on NYSE

Vaneck Files for Crypto ETF That Gives Investors Exposure to Equity in Digital Asset Companies

The exchange-traded fund provider, Vaneck has filed for a Digital Asset ETF, which aims to hold equity in companies that generate revenue from cryptocurrency services. The latest ETF filing is different from the fund Vaneck applied for in mid-December, as it aims to bring investors exposure to the cryptocurrency industry. Last December, the asset manager, […]

Xem chi tiết: Vaneck Files for Crypto ETF That Gives Investors Exposure to Equity in Digital Asset Companies

JP Morgan Warns of Falling BTC Price With Bitcoin ETF Approval in US

Vaneck Files New Bitcoin ETF Proposal With SEC Under New Administration

Vaneck Files New Bitcoin ETF Proposal With SEC Under New Administration

VanEck Proposes ETF for Bitcoin, Once Again

Microstrategy Completes $650 Million Capital Raise to Fund More Bitcoin Purchases

Bitwise’s Crypto Index Fund Becomes Available To U.S. Investors

Shark Tank’s Kevin O’Leary Ready to Put 5% of His Portfolio in SEC-Approved Bitcoin ETF

Shark Tank’s Kevin O’Leary Reverses Stance on Bitcoin, Says Crypto Is Here to Stay, Invests 3% of His Portfolio

Other Articles