Second Canadian Bitcoin ETF Begins Trading on TSX Today
This is the second bitcoin ETF approved to trade in Canada.
The Evolve bitcoin exchange-traded fund (ETF) is trading on the Toronto Stock Exchange under the ticker “EBIT,” effective Friday.
This is the second bitcoin ETF to be have been approved by the Ontario Securities Commission (OSC) after Purpose Investment’s bitcoin ETF went live on the TSX on Thursday.
Both Evolve and Purpose Investment’s bitcoin ETFs have a management fee of 1%.
The Purpose Investment’s bitcoin ETF which is trading under the ticker “BTCC” has already seen huge interest and traded $200 million shares on its first day.
Evolve said it will provide investors with exposure to the daily price movements of the U.S. dollar price of bitcoin making the most of the ETF structure and investors will directly own bitcoin on the bitcoin blockchain in a cold wallet.
Read more: Evolve Becomes Second Canadian Issuer to Win Approval for Bitcoin ETF
“Being able to offer an ETF which holds physical bitcoin is a real game-changer in Canada,” said Raj Lala, president, and CEO at Evolve. “Bitcoin has proven to be a store of value that is uncorrelated to other major asset classes – and has now emerged as an asset class itself.”
Gemini Trust company is the sub-custodian for Evolve ETFs holdings of bitcoin.
More For You
CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
