Ontario Securities Commission Approves 'Evolve' Bitcoin ETF.
2021-02-17 | Mike Hallen
The OSC [Ontario Securities Commission] has approved Canada’s leading bitcoin exchange ‘Evolve’- traded fund [ETF].
Bitcoin [
BTC, +3.50%] ETF was considered earlier on Tuesday to trade on the Toronto
stock market, the exchange revealed within an official announcement.
“Evolve was
the primary to file for a bitcoin ETF
within the United States,” added James Seyffart, ETF research analyst at Bloomberg Intelligence. “It’s a promising sign if there
are not any issues with launching a bitcoin ETF in Canada also. … The United States regulatory framework tends to be
tons more in line with things that happen in Canada.”
This approval
follows the OSC’s approval of Purpose Investment’s bitcoin ETF recently on Thursday. Both ETFs have a management fee of 1%, falling just less than Europe’s cheapest bitcoin exchange-traded commodity issued by Wisdom Tree, which charges 0.95%, Seyffart explained.
ETFs are
a simple way for investors who want
to urge exposure to bitcoin without having
to carry the asset itself and without having to
affect the premiums at which bitcoin funds like Grayscale Bitcoin Trust normally trade.
Evolve has tapped CF Benchmarks as the fund’s index provider, EY as its auditor, Cidel
Trust corporation as its custodian, Gemini
Trust corporation as its sub-custodian, and CIBC Mellon Global Securities Services as its fund administrator.
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