HomeCryptoBitcoinCI Galaxy Bitcoin ETF on its way

CI Galaxy Bitcoin ETF on its way

The so-called CI Galaxy Bitcoin ETF (BTCX) will be launched on March 9th, 2021. 

This is a new bitcoin ETF that will be tradable on the Toronto Stock Exchange (TSX) in Canada. 

It will be the second bitcoin ETF available for purchase on the Toronto stock market, following Purpose Investment. 

The issuer of BTCX is CI Global Asset Management (CI GAM), which today announced that Canadian securities regulators have approved the final prospectus for the CI Galaxy Bitcoin ETF. 

CI GAM will be the ETF manager, while Galaxy Digital Capital Management (GDAM) will act as an advisor on bitcoin, executing bitcoin trading on behalf of the ETF. 

GDAM is Galaxy Digital’s asset management arm, while Galaxy Digital is a company specializing in financial services and investment management in the digital asset sector, whose CEO and founder is the renowned Mike Novogratz

CI GAM, on the other hand, is one of Canada’s largest investment management companies, and is a subsidiary of CI Financial Corp., a company listed on the Toronto and New York stock exchanges, offering asset management services with approximately 231.8 billion CAD in assets under management.

The CI Galaxy Bitcoin ETF

According to BTCX’s promoters, the ETF will have low management fees, provide a simplified means of accessing bitcoin, and will store BTC in segregated and protected cold wallets. 

BTCX invests directly in BTC using the Bloomberg Galaxy Bitcoin Index. 

The CEO of CI Financial, Kurt MacAlpine, said: 

“The CI Galaxy Bitcoin ETF offers investors a secure and convenient means of holding bitcoin in their portfolio. I believe our ETF stands out based on its highly competitive price point and CI and Galaxy’s extensive capabilities and track record in managing alternative investments and digital assets”.

Partner and Head of Asset Management at GDAM, Steve Kurz, added: 

“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”.

With this additional bitcoin ETF available on the Canadian Toronto exchange, it is becoming increasingly difficult to imagine that the US SEC will continue to withhold approval for a bitcoin ETF on US exchanges. 

 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".
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