Evolve’s Bitcoin exchange-traded fund couldn’t beat Purpose Investments to market, but its management-expense ratio is now 0.25 percentage points cheaper, at 0.75 per cent. (The Logic)
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Evolve’s Bitcoin exchange-traded fund couldn’t beat Purpose Investments to market, but its management-expense ratio is now 0.25 percentage points cheaper, at 0.75 per cent. (The Logic)
Talking point: The Purpose Bitcoin ETF launched on February 18, just one day before Evolve’s, but that was enough to cement an advantage. Purpose’s ETF, which trades under the ticker BTCC, has US$448 million in assets since it launched, compared to only US$28 million for Evolve’s under the EBIT ticker. With the fee cut, EBIT can now boast being “the most cost-effective Bitcoin ETF today.” The two funds are the first physically settled Bitcoin ETFs in the world, with fans of the cryptocurrency hoping the U.S. Securities and Exchange Commission will follow suit and approve one of several firms that have applied to launch their own Bitcoin ETFs south of the border. Bitcoin ETFs allow retail investors to gain exposure to the cryptocurrency without having to purchase and secure their own bitcoins.
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