The subsidiary of Canadian financial company CI Financial, CI Global Asset Manager, has filed for a <a href="https://www.cryptoknowmics.com/news/galaxy-digital-partners-with-ci-gam-for-new-bitcoin-fund/">new Bitcoin ETF</a> on February 16. The ETF would retain Mike Novogratz-owned Galaxy Digital as its subadvisor and the Winklevoss brothers-owned Gemini as the custodian. The Bitcoin ETF is <a href="https://www.sedar.com/DisplayMFDocuments.do?lang=EN&amp;issuerNo=00051670" target="_blank" rel="nofollow noopener">looking</a> for approval to get listed on the Toronto Stock Exchange (TSX). If approved, the firm would manage the ETF with an annual management fee of only 1%.
<h2><strong> Galaxy Digital to be the Bitcoin Sub-Advisor for the CI Financial ETF</strong></h2>
CI Financial is a Toronto-headquartered company managing more than $230 billion in assets as of the end of January. The financial firm is already operating another Bitcoin fund worth about $172 million worth of assets.

CI Global Asset Management will be the manager of the ETF and Galaxy Digital Capital Management LP will act as the bitcoin sub-advisor for the ETF. As a sub-advisor, Galaxy Digital will execute bitcoin trading on behalf of the ETF.

The latest Bitcoin ETF was made to provide investors with a convenient way to gain exposure to bitcoin through an institutional-quality fund platform. CI Galaxy Bitcoin ETF (BTCX) will invest directly in bitcoin with its holdings of bitcoin priced using the Bloomberg Galaxy Bitcoin Index that will measure the performance of a single bitcoin traded in U.S. dollars. The index is owned and administered by Bloomberg Index Services Ltd.

In the announcement release, said Kurt MacAlpine, CEO of CI Financial, the parent company of CI GAM, said:

<em>"We are excited to build on our existing relationship with Galaxy which we believe has the deepest global expertise in the cryptocurrency market."</em>
<h2><strong>Canada Taking Interest in Bitcoin ETFs</strong></h2>
The Bitcoin ETF, if approved, would be Canada’s third following <a href="https://www.cryptoknowmics.com/news/canadas-osc-approves-evolve-bitcoin-etf/">Evolve's Bitcoin ETF</a> and <a href="https://www.cryptoknowmics.com/news/first-bitcoin-exchange-traded-fund-etf-approved-in-canada/">Purpose's Bitcoin ETF</a> launch this week. In fact, Purpose’s ETF was just recently launched on the Toronto Stock Exchange.  It traded $80 million worth of shares in its first hour and $165 million in its first day itself. Last week, Canadian firm <a href="https://www.cryptoknowmics.com/news/3iqs-bitcoin-trust-reaches-1b-in-total-volume-of-aum/">3iQ</a> too filed a preliminary prospectus for a Bitcoin ETF with more of them still applying.

Canada’s CI Financial Files for a New Bitcoin ETF

The subsidiary of Canadian financial company CI Financial, CI Global Asset Manager has filed for a new Bitcoin ETF on Feb. 16.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Canada’s CI Financial Files for a New Bitcoin ETF

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