Share this article
New Bitcoin ETF Application Filed in Canada
The ETF is planned to be listed on the Toronto Stock Exchange (TSX) under the ticker "BIT.U.”
Updated Sep 14, 2021, 10:55 a.m. Published Jan 13, 2021, 10:51 a.m.
Make us preferred on Google
A prospectus for a new bitcoin exchange-traded fund (ETF) has been filed with the Ontario Securities Commission in Canada.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Arxnovum Investments Inc. filed documents for the “Arxnovum Bitcoin ETF” on Monday. The ETF is planned to be listed on the Toronto Stock Exchange (TSX) under the ticker "BIT.U.”
The manager behind the ETF application is Shaun Cumby, CEO of Arxnovum Investments. Previously, Cumby held the position of CIO at 3iq Corp – the Canada-based digital asset manager behind the launch of the Bitcoin Fund (TSX:QBTC.U), called the world's first regulated bitcoin fund.
The New York-based, Winklevoss-owned Gemini Trust company will be the sub-custodian of the bitcoin held by the ETF. The sub-custodian is a trusted company qualified to custody the product's assets held outside of Canada.
According to the prospectus, the proposed bitcoin ETF will provide investors with exposure to bitcoin and daily price movements of the U.S. dollar price of bitcoin by investing in bitcoin and/or bitcoin futures contracts, and/or other derivative instruments that provide economic exposure to bitcoin.
It may trade in bitcoin futures listed on the Chicago Mercantile Exchange and other commodity futures exchanges regulated by the U.S. Commodity Futures and Trading Commission.
The Arxnovum Bitcoin ETF may also hold cash, cash equivalents and or other fixed-income securities.
The prospectus says an investment in the bitcoin ETF is considered “high risk” and if conditionally approved there is no assurance that the TSX will approve the listing application.
Also read: Long-Desired Bitcoin ETF Could Actually Hurt Price in Short Term: JPMorgan
A bitcoin ETF has been eagerly anticipated as a sign of institutional acceptance for bitcoin, but in the U.S. all ETF applications to date have been turned down by the U.S. Securities and Exchange Commission.
A number of similar products, such as exchange-traded products (ETPs), have been launched in Europe.
Edit (16:35 UTC, Jan. 13 2021): Removed reference to Gemini in the headline.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Trump family-backed American Bitcoin lifts bitcoin holdings to nearly 5,900 coins
What to know:
- American Bitcoin, backed by members of the Trump family, has increased its bitcoin reserves to about 5,843 BTC, making it the 18th-largest corporate holder of the cryptocurrency.
- Shares rose about 2% in premarket trading Tuesday but remain down roughly 11% for the year, as the miner, majority-owned by Hut 8, joins peers in treating bitcoin as a long-term balance-sheet asset despite recent price weakness.
Top Stories
