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Canadian Firm Files for Bitcoin ETF on Toronto Stock Exchange
The Accelerate Bitcoin ETF would list on the Toronto Stock Exchange under the ticker “ABTC.”
Updated Mar 8, 2024, 4:19 p.m. Published Feb 3, 2021, 10:26 a.m.
A preliminary prospectus for a new bitcoin exchange-traded fund (ETF) has been filed with Canada's securities regulators.
Investment firm Accelerate Financial Technologies announced Wednesday it is seeking approval to list the Accelerate Bitcoin ETF on the Toronto Stock Exchange (TSX) under the ticker “ABTC.”
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The ETF would offer units denominated in both the U.S. dollar and Canadian dollar, with a management fee of 0.70%.
“Bitcoin has been one of the best-performing asset classes on a one-year, three-year, five-year and 10-year basis, both absolute and risk-adjusted,” according to Julian Klymochko, founder and CEO of Accelerate.
“Given bitcoin’s historical track record and future potential, along with its portfolio diversification properties, we are looking forward to offering investors exposure to the asset class in an easy-to-use, low-cost ETF,” he said.
Read more: 3iQ’s Canadian Bitcoin Fund Hits C$1B in Market Cap
Accelerate isn't the only company hoping to get a bitcoin ETF listed in Canada. On Jan. 13, Arxnovum Investments Inc. filed documents for the Arxnovum Bitcoin ETF, also planned to list on the TSX.
Over in the neighboring U.S., after multiple rejections of past bids for bitcoin ETFs by the Securities and Exchange Commission, two new applications, from VanEck and Valkyrie, have been filed since December 2020.
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Proposed ‘AfterDark’ Bitcoin ETF Would Skip U.S. Trading Hours
The fund would hold bitcoin only overnight, betting on data showing bitcon gains mostly occur outside regular market hours.
What to know:
- Nicholas Financial has filed with the SEC to launch a bitcoin ETF that holds BTC only during overnight hours.
- The “AfterDark” ETF buys bitcoin after U.S. stocks close for the day and then sells bitcoin and shifts into Treasuries during the American session.
- Data shows bitcoin tending to perform better when traditional U.S. markets are closed.
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