CI Global Asset Management, the money-managing arm of Canadian investment firm CI Financial, has applied to launch a Bitcoin exchange-traded fund, which the company expects will start trading on the Toronto Stock Exchange tomorrow. (The Logic)
Talking point: Canada has emerged as a leader in Bitcoin ETFs, approving the world’s first two physically settled funds by CI competitors Purpose Investments and Evolve in February. Purpose’s fund, which beat Evolve’s to market by a day, was a roaring success in its first two days of trading, with nearly US$400 million in shares changing hands. The trading volume of both funds has since dropped off significantly, however. CI is also applying to launch an ETF on the TSX that would be the first of its kind to invest directly in Ether, the cryptocurrency tied to the Ethereum blockchain. Galaxy Digital Capital Management is acting as a Bitcoin sub-advisor for CI’s proposed Bitcoin ETF. The company plans to call it the CI Galaxy Bitcoin ETF, trading under the ticker BTCX.