The Ontario Securities Commission has approved the launch of a Bitcoin ETF from CI Global Asset Management and Galaxy Digital. The CI Galaxy Bitcoin ETF will begin trading on the Toronto Stock Exchange this week.
According to a statement from CI Global Asset Management (CI GAM), the Canadian regulator has approved an application to launch a Bitcoin ETF. The CI Galaxy Bitcoin ETF (BTCX) will begin trading on the Toronto Stock Exchange on March 9th. CI GAM also plans to merge its existing CI Galaxy Bitcoin Fund with an ETF, which manages approximately $ 172 million in assets.
The regulator of Canada issued permission to launch the ETF back on March 4, but the official announcement was made only last weekend. BTCX will provide investors with access to BTC, and its assets will be valued using the Bloomberg Galaxy Bitcoin Index. CI Financial CEO Kurt MacAlpine said:
“The CI Galaxy Bitcoin ETF offers investors a safe and convenient way to add BTC to their portfolio. I believe our ETF stands out for its competitive pricing, extensive CI and Galaxy capabilities, and expertise in alternative investment and digital asset management. ”
CI GAM will manage the ETF, while Galaxy Digital Capital Management LP will act as co-manager and trade BTC on behalf of the fund. The bitcoins held by ETFs will be held in cold storage “in accordance with the industry-leading security protocol,” the companies said.
Recall that the Canadian regulator registered the first Bitcoin ETF in February this year, and a few days later approved the launch of the second ETF. Shortly after applying to launch a Bitcoin ETF, CI GAM and Galaxy filed with the Ontario Securities Commission to launch an Ether ETF for trading on the Toronto Stock Exchange.
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