Evolve Funds Group Launches Canada’s First BTC / Ether Combo ETF

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Evolve Funds Group has launched Canada’s first ETF tied directly to Bitcoin and Ether – the Evolve Cryptocurrencies ETF. It is listed on the Toronto Stock Exchange.

Evolve President and CEO Raj Lala said the “multicrypto” ETF will be the first of its kind in Canada and North America in general. Despite the fact that Bitcoin and Ether correlate to some extent with each other, they have different profitability profiles.

Therefore, an exchange-traded fund, pegged to two cryptocurrencies at once, will expand investor access to the digital asset market, Lala said. He added that this diversified fund will allow investors to take advantage of both cryptocurrencies and mitigate the risks associated with their volatility.

This year, the Ontario Securities Commission approved the launch of several Bitcoin exchange-traded funds: Purpose Bitcoin ETF, Evolve Bitcoin ETF, CI Global Asset Management ETF, CI Galaxy Bitcoin ETF, and 3iQ CoinShares Bitcoin ETF. In addition, in April, the Canadian regulator approved the launch of two ETFs on the air: Purpose Investments and CI Global Asset Management. Considering the number of companies that have received regulatory approval to launch new financial products, Canada is significantly ahead of the United States in this regard.

The US Securities and Exchange Commission (SEC) has yet to give the green light to any company wishing to launch crypto ETFs. VanEck, Valkyrie Investments, New York Digital Investment Group, Stone Ridge, WisdomTree and others have repeatedly submitted applications to the SEC. However, the department has repeatedly postponed their consideration, not rushing to make a decision.

Despite this, companies continue to hope that over time, the US will follow Canada’s lead. SEC Chairman Gary Gensler recently announced that he supports the launch of ETFs tied to Bitcoin futures rather than cryptocurrency itself. Gensler considers them safer as this market is additionally controlled by the US Commodity Futures Trading Commission (CFTC).

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