The Big Read

Canadian Bitcoin ETFs shake up global cryptocurrency investment market

The Purpose Bitcoin exchange-traded fund (ETF) that launched on the Toronto Stock Exchange in mid-February has set off a chain reaction of competitors following suit. Funds once able to charge healthy premiums of 30 per cent or more than the price of Bitcoin itself are having to rethink their approach, with the largest—Grayscale Bitcoin Trust (GBTC)—announcing this week that it also plans to convert to an ETF. 

GBTC’s move follows those of Canada’s Ninepoint Partners and CI, which announced plans to convert their Bitcoin funds to ETFs shortly after Purpose’s product started trading. The short-term success of Canada’s ETFs has many predicting the demise of closed-end funds like the one offered by New York-based Grayscale with US$38 billion in assets under management, which subjected investors to extended lockup periods, high fees and restrictions on who can get in. And it’s given observers––who’ve watched the Securities and Exchange Commission reject digital currencies for years––hope that a similar product might finally be approved in the U.S.

    Subscribe now to start reading premium, award-winning journalism.

    By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.’s products and services. You can withdraw your consent at anytime. Please refer to our privacy policy or contact us for more details.

    In-depth, agenda-setting reporting

    Great journalism delivered straight to your inbox.


    Cohere raises US$270M Series C led by Inovia

    Clio Ventures invests in U.S. legaltech’s Series B

    Government to CRTC: exclude social media creators from Online Streaming Act

    Best business newsletter in Canada

    Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.

    Exclusive events

    See the bigger picture with reporters and industry experts in subscriber-exclusive events.

    Membership in The Logic Council

    Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.

    Canada's most influential executives and policymakers are reading The Logic

    • CPP Investments
    • Sun Life Financial
    • C100
    • Amazon
    • Telus
    • Mastercard
    • bdc
    • Shopify
    • Rogers
    • RBC
    • General Motors
    • MaRS
    • Government of Canada
    • Uber
    • Loblaw Companies Limited