Canada is about to get its first Bitcoin ETF.
Evolve Funds has filed a preliminary prospectus with regulators for the launch of Canada’s first cryptocurrency exchange-traded fund, which will trade on the TSX under the ticker BITS.
“Accessing Bitcoin is not easy for many – it is a very complicated and expensive process as investors are currently unable to trade them in a regular brokerage account," said Raj Lala, president and CEO of Evolve ETFs, in a press release. "An ETF tied to the price of Bitcoin could be a simpler way for investors to participate in its growth."
Evolve says the fund will aim to replicate the performance of bitcoin futures on the Chicago Board Options Exchange by investing in exchanged-traded futures contracts and other instruments.
Bitcoin began Friday trade at US$3,648.61. The cryptocurrency hit a one-year high of US$4,921.45 on Sept. 1.