Thursday, May 26, 2022

Canada May Soon Get its Very Own Bitcoin ETF

Canada May Soon Get its Very Own Bitcoin ETF

Cryptocurrency investment vehicles have become all the rage in the U.S. and Europe. Now, thanks to Evolve Funds Group Inc., Canada is now on the way to getting its very own bitcoin ETF too.

Also read: CERN to Revamp its Information Technology Apparatus

Bitcoin Investing Coming to Canada

In a press release today, ETF shop Evolve Funds Group, announced they had filed for a bitcoin ETF with Canadian securities regulators.

The fund will be called the Evolve Bitcoin ETF (BITS) and will attempt to replicate models for bitcoin future options in the U.S.

Additionally, it will invest — either directly or indirectly — in exchange-traded futures contracts as well as other financial instruments and derivatives that provide similar returns.

The CEO of Evolve ETFs, Raj Lala, thinks bitcoin access is still relatively limited, and that regular investment into the crypto world is inconvenient.

This is something he considers a problem, considering more and more people continue to adopt cryptocurrencies in an increasingly digital world.

“Accessing bitcoin is not easy for many […] Investors are currently unable to trade them in a regular brokerage account. As more and more of the world goes digital, usage of cryptocurrencies could increase significantly in the coming years.”

Bitcoin ETF Provides More Exposure

Bitcoin and other cryptos are continuing their penetration into the daily lives of everyday people, with financial products and crypto-based investment vehicles popping up around the world.

Winklevoss Twins

In particular, established bitcoin-based investment options already exist in Europe — getting their value from the currency’s price.

High-profile attempts to get bitcoin funds approved in the U.S., such as the Winklevoss twins’ ETF, have received tons of news coverage.

While these attempts have failed so far, it seems their chances of succeeding increased significantly when leadership within the SEC turned over in July.

One of the people stepping into a leadership role at the SEC is Dalia Blass, whose firm advised the Winklevoss twins on their most recent bid for regulatory approval and is an ETF specialist.

Additionally, financial expert Dave Nadig recently gave his two-cents regarding bitcoin ETFs — believing they will likely be approved now that leadership has changed.

However, he also think that it’s unlikely the new administration will make bitcoin ETF approval a priority going forward.

What do you think of Evolve Funds Group Inc. filing for a bitcoin ETF in Canada? Do you think it will be approved? Let us know in the comments below.

Images via, Inside Bitcoins, Evolve Funds Group Inc.

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