There could soon be a third Canadian bitcoin exchange-traded fund (ETF). CI Global Asset Management, a subsidiary of a firm overseeing more than $230 billion in assets, filed a preliminary prospectus for the financial instrument, the company announced Friday.
- The so-called CI Galaxy Bitcoin ETF (BTCX) would be managed by CI and advised by merchant bank Galaxy Digital. The two firms have previously partnered on the CI Galaxy Bitcoin Fund, a closed-end investment product.
- Two bitcoin ETFs went live this week, offering investors a way to gain exposure to bitcoin by buying stock, rather than the asset itself. ETF managers purchase an underlying asset on behalf of investors trading on the stock market, for a fee.
- The first bitcoin ETF in North America hoovered up $421.8 million worth of assets in its first two days trading, including over 6,000 BTC. BTCX will invest directly in bitcoin, with Galaxy handling that end of the trade and Gemini acting as custodian.
- Canadian firm 3iQ also filed a preliminary prospectus for a bitcoin ETF last week.
See also: What Is a Bitcoin ETF?