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CI Global has applied for the issuance of the third Bitcoin ETF in Canada


Canada has already approved a Bitcoin exchange-traded fund (ETF).

CI Global has come forward to issue the third publicly traded fund in Bitcoin in Canada. CI Financial, a company with more than $ 230 billion in assets under management, is the parent company of CI Global Asset Management.

CI Global would partner with Galaxy Digital on the Bitcoin ETF issue. According to the press release, CI Global applied and received confirmation of receipt of a preliminary prospectus for the CI Galaxy Bitcoin ETF (“BTCX” or “ETF”).

BTCX offers investors an easy and convenient way to get involved in the leading cryptocurrency through an institutional quality fund platform. The partnership between CI Global and Galaxy Digital has been around for some time, after both companies launched the CI Galaxy Bitcoin Fund (TSX: BTCG) in December 2020. This is a closed fund.

CI Global will act as the Bitcoin ETF manager, while Galaxy Digital will act as the sub-advisor to the ETF. In this role, Galaxy Digital will carry out BTC trading on behalf of the ETF.

Galaxy Digital is one of the leading and most experienced companies in the field of cryptocurrencies and blockchain. CI Global believes that Galaxy Digital's extensive experience in portfolio management, capital markets, operations and blockchain technology will help get the ETF off the ground.

Kurt MacAlpine, CEO of CI Financial, CI Global's parent company, said:

"We are excited to build on our existing relationship with Galaxy, which we believe has the deepest global experience in the cryptocurrency market."

BTCX will invest directly in BTC with cryptocurrency holdings valued using the Bloomberg Galaxy Bitcoin Index. The Bloomberg Galaxy Bitcoin Index is used to measure the performance of BTC traded in USD.

Canada approved North America's first Bitcoin ETF last week. The ETF Purpose Invest Bitcoin It is already gaining importance among investors and has accumulated assets under management of nearly $ 500 million in two business days. The ETF is expected to reach $ 1 billion in assets under management by the end of this week.

The digital asset manager 3iq Corp had filed a preliminary prospectus for a Bitcoin ETF with the Ontario Securities Commission earlier this month. If approved, it would be the second Bitcoin ETF in Canada.

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