Evolve Becomes Second Canadian Issuer to Gain Bitcoin ETF Approval
The Ontario Securities Commission (OSC) has approved Canada’s second bitcoin exchange-traded fund (ETF).
Evolve bitcoins ETF was conditionally cleared to trade on the Toronto Stock Exchange on Tuesday, the company said in a press release.
“Evolve was the first to file a bitcoin ETF in the United States,” said James Seyffart, ETF research analyst at Bloomberg Intelligence. “It’s a promising sign if there are no issues with the launch of a bitcoin ETF in Canada. … The US regulatory framework tends to be much more in line with what is happening in Canada.
Approval follows OSC notice Purpose Investment bitcoin ETF approved on Thursday. Both ETFs have a management fee of 1%, which is just below Wisdom Tree’s cheapest bitcoin exchange-traded commodity in Europe, which charges 0.95%, Seyffart said.
ETFs are an easy way for investors who want exposure to bitcoin without having to own the asset itself and without having to deal with the premiums at which bitcoin funds like Grayscale Bitcoin Trust normally trade.
Evolve has used CF Benchmarks as the fund’s index provider, EY as auditor, Cidel Trust Company as custodian, Gemini Trust Company as sub-custodian and CIBC Mellon Global Securities Services as fund administrator.