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Canada accepts second Bitcoin ETF in history just days after approving first crypto fund

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In this photo illustration, a Bitcoin logo seen displayed on a smartphone with the stock market chart in the background

  • Canada’s financial regulator has approved the second largest publicly traded bitcoin ETF in North America.
  • The Evolve Bitcoin ETF will be traded on the Toronto Stock Exchange.
  • The approval comes just days after Canada signed the first publicly traded bitcoin fund in North America, the Purpose Bitcoin ETF.
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The Ontario Securities Commission (OSC) approved the second Bitcoin Evolve Funds ETF on Tuesday just days after the Purpose Bitcoin ETF was approved on February 12.

The Evolve Bitcoin ETF aims to provide investors with exposure to the daily price movements of the price of bitcoin in US dollars. Crypto enthusiasts see an exchange traded fund as a way for more retail investors to gain exposure to the price of bitcoin. An ETF trades on the stock market and investors will not need to set up a crypto wallet to invest.

The Evolve ETF will trade on the Toronto Stock Exchange under the symbols “EBIT” and “EBIT.U”.

The Canadian regulator’s approval of two bitcoin ETFs has heightened optimism that the U.S. securities commission will finally approve a similar vehicle in the United States. Several companies have filed, but have so far failed to gain approval for a bitcoin ETF in the past, with the SEC generally citing security concerns.

“Now that the OSC has said that if a product is built well enough, the crypto market is mature enough for these types of financial products, the industry’s attention inevitably turns south of the border to United States, ”said Sui Chung, CEO of CF Benchmarks. “Will the SEC finally decide that the time is right for a Bitcoin ETF?”

The Evolve bitcoin ETF will track the regulated Bitcoin benchmark rate from the CF benchmarks. The fund will directly hold bitcoins on the bitcoin blockchain in a cold wallet, and the fund’s holdings will be valued based on the CME CF Bitcoin benchmark rate, a once-per-day benchmark price for bitcoin denominated in dollars. Americans, according to a press release.

Cidel Trust Company will be the custodian of the ETF, while Gemini Trust Company of Tyler and Cameron Winklevoss will be the sub-custodian. Ernst and Young will be the auditor of the fund.

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