Breaking: CI Galaxy Bitcoin ETF Gets A Nod From Canadian regulators, Will Launch at TSX on 9th March

By Sunil Sharma
Published March 8, 2021 Updated March 8, 2021
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Breaking: CI Galaxy Bitcoin ETF Gets A Nod From Canadian regulators, Will Launch at TSX on 9th March

By Sunil Sharma
Published March 8, 2021 Updated March 8, 2021

Canada’s leading financial giant CI Global Asset Management stated that Canadian securities regulator has given a nod for the final prospectors of the CI Galaxy Bitcoin ETF (BTCX). This new Bitcoin ETF launched in partnership with Mike Novogratz’s Galaxy Digital shall start trading on the Toronto Stock Exchange (TSX) starting Tuesday, March 9. The goal of BTCX is to give Bitcoin investors a way to give exposure to the world’s largest cryptocurrency via and institutional-grade fund platform.

Canadian Bitcoin ETFs Market On Rise

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BTCX will track the Bloomberg Galaxy Bitcoin Index (the BTC”) while measuring the performance of a single Bitcoin traded against the USD. Besides, it will also directly invest in Bitcoin through its holdings.

Thew competition for launching Bitcoin ETFs in the Canadian market is certainly getting stronger with every passing day. Last month, two Bitcoin ETF from Popular and Evolve went live attracting massive trading volumes just in days of launch.

These two players have already captured sizeable market share raising the competition bar higher. Thus, CI Global will have a tough competition ahead in the marketplace. Kurt MacAlpine, Chief Executive Officer of CI Financial, is confident of gaining strong market position with its competitive pricing structure. He said:

I believe our ETF stands out based on its highly competitive price point and CI and Galaxys extensive capabilities and track record in managing alternative investments and digital assets,” he stated.

CI Global and Galaxy Digital Will Share Roles

Since the BTCX Bitcoin ETF is a combined effort between CI Global and Galaxy Digital, both the players will share their respective roles. CI Global will manage the entire Bitcoin ETF operation while Galaxy Digital will serve as the Bitcoin sub-advisor.

Thus, Galaxy Digital will execute the actual Bitcoin trading on behalf of CI Global. However, all this will happen through Galaxy Digital’s asset management arm Galaxy Digital Capital Management LP (GDAM”).

GDAM has a robust market experience in handling third-party capital for traditional and alternative asset classes.

We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin, said Steve Kurz, Partner and Head of Asset Management at GDAM.

Just like Bitcoin ETF, these two players have also secured a preliminary prospectus for CI Galaxy Ethereum ETF (ETHX”). Last week, a report noted that even Evolve has applied for an Ether ETF.

Canadian financial players are slowly gearing up towards offering institutional grade crypto products. On the other hand, America still awaits its first Bitcoin ETF.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
203 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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