The second Bitcoin ETF approved! Evolve Bitcoin ETF is approved by Canadian regulators


The Bitcoin Exchange Traded Fund (ETF) of the financial company Evolve Funds Group Inc has been approved by the Ontario Securities Commission (OSC) in Canada, becoming the second Bitcoin ETF approved in Canada after Purpose Investments. The fund will be listed in Toronto Securities Exchange trading.

OSC approved Purpose Investment's Bitcoin ETF last week, and the management fee for both ETFs is 1%.

For those investors who want to gain exposure to Bitcoin, ETFs are a simple way. They do not need to hold their own assets, nor do they have to deal with the premium that Bitcoin funds usually trade such as Grayscale Bitcoin Trust.

Bloomberg Intelligence ETF research analyst James Seyffart said: "Evolve is the first company in the United States to apply for a Bitcoin ETF. If there is no problem with launching a Bitcoin ETF in Canada, this is a promising signal... The regulatory framework is generally consistent with Canada’s.

Sui Chung, CEO of CF Benchmarks, stated that the Evolve ETF “provides investors with an easy-to-understand product that can obtain ownership of Bitcoin through their existing brokers and advisors.”

"By using the Bitcoin reference exchange rate specified in the CF benchmark, the ETF tracks the value of Bitcoin, and because its structure allows daily creation and redemption of ETF shares, investors do not need to pay a high premium on the secondary market."

Evolve has selected CF Benchmark as the fund’s index provider, Ernst & Young (EY) as its auditor, Cidel Trust Company as its custodian, Gemini Trust Company as its sub-custodian, CIBC Mellon Global Securities Services The company (CIBC Mellon Global Securities Services) serves as its fund manager.

The United States has not yet approved a Bitcoin ETF, but cryptocurrency supporters believe that the recent move by Ontario indicates that the United States may be about to approve a Bitcoin ETF.


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