Canada's OSC Approves Evolve Bitcoin ETF

Sahaj  |  Feb 17, 2021

Evolve’s Bitcoin ETF has recently received a green light from the Ontario Securities Commission (OSC) to begin trading on the Toronto Stock Exchange. However, it should also be noted that the approval of Evolve for securing consent for Bitcoin ETF by OSC has been provided under some conditions.

After receiving the approval on Tuesday, the company decided to announce a press release.

Evolve Becomes Second Canadian Firm to Receive Approval for Bitcoin ETF

Evolve became the second Canadian firm to receive approval for Bitcoin ETF to be listed on the Toronto Stock Exchange. On Thursday, Purpose Investment received OSC's approval for Bitcoin ETF.

James Seyffart, ETF research analyst at Bloomberg Intelligence said, “Evolve was the first to file for a bitcoin ETF in the U.S. It’s a promising sign if there are no issues with launching a bitcoin ETF in Canada. … The U.S. regulatory framework tends to be a lot more in line with things that happen in Canada.

In addition to this, James Seyffart said that both of the Bitcoin ETFs charge a fee of management that equals 1% of the total investment. 

Evolve has reportedly tapped CF Benchmarks as the index provider of the fund, EY as its auditor, Cidel Trust Company as its custodian, Gemini Trust Company as its sub-custodian, and CIBC Mellon Global Securities Services as their fund administrator.

Everything an Investor Needs to Know About ETFs

ETF stands for Exchange Traded Funds, and they help the investors who lack the flexibility to hold the digital asset as a whole to get the exposure to Bitcoin without having them deal with the surcharges at which other funds generally trade. It is more convenient for the investors who want to get exposed to Bitcoin without handling much of the pressure that is involved with the trading of this growing and volatile digital asset.

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