Bitcoin News and Finance
Canada Has Approved Two Bitcoin ETFs — First One Starts Trading Today Skip to main content

Canada Has Approved Two Bitcoin ETFs — First One Starts Trading Today

Canada Has Approved Two Bitcoin ETFs — First One Starts Trading Today

Two bitcoin exchange-traded funds (ETFs) have been approved in Canada. Evolve Bitcoin ETF has become the second bitcoin ETF to get approval by Canada’s securities regulator. The first approved bitcoin ETF starts trading Thursday. Some believe that the approval of bitcoin ETFs in Canada improves the chances of one being approved by the U.S. Securities and Exchange Commission (SEC).

Two North American Bitcoin ETFs Approved

North America now has two approved bitcoin exchange-traded funds. Evolve Funds Group Inc. announced Tuesday that it has been cleared to launch a bitcoin ETF, becoming the second approved bitcoin ETF in North America. With $1.7 billion in assets under management, Evolve is one of Canada’s fastest-growing ETF providers.

The first approved bitcoin ETF in North America was cleared to launch last week by the Ontario Securities Commission. Purpose Bitcoin ETF will begin trading Thursday on the Toronto Stock Exchange.

Evolve Bitcoin ETF will also trade on the Toronto Stock Exchange (TSX), subject to the exchange’s approval. It will be “one of the world’s first physically settled bitcoin ETFs,” the company described, adding that there will be two offerings: unhedged ETF units (ticker: EBIT) and USD unhedged units (ticker: EBIT.U).

Raj Lala, Evolve ETFs’ president and CEO, commented:

The bitcoin ETF is exciting news for investors. Investors will be able to trade bitcoin on a regulated stock exchange. It will be as simple as buying shares through their bank or brokerage.

Evolve Bitcoin ETF will provide investors with exposure to the daily price movements of the U.S. dollar price of bitcoin, the company detailed. “The ETF will not seek exposure through derivatives or futures contracts and will be backed directly by physically settled bitcoin holdings.”

Elliot Johnson, chief investment officer and chief operating officer of Evolve ETFs, explained: “EBIT will directly own bitcoin on the bitcoin blockchain in a cold wallet. We are very pleased to be working with best-in-class cryptocurrency experts including, Gemini Trust Company, CF Benchmarks, Cidel Trust Company, and CIBC Mellon Global Services.”

The crypto community applauds the Canadian regulator for continuing to approve bitcoin ETFs. Some believe that the U.S. SEC will follow suit and approve a bitcoin ETF this year. Among them is Twitter user “Mags,” who believes that two approved bitcoin ETFs in Canada “raise the likelihood of a U.S. ETF launching in 2021.”

The user added that “Most (if not all) of the SEC’s prior concerns have been addressed,” emphasizing that government officials and regulators “look to competing jurisdictions, particularly with respect to innovation – the precedent has been set.” Several bitcoin ETF proposals have been filed with the U.S. SEC.

What do you think about bitcoin ETFs being approved in Canada? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory