CI Galaxy Bitcoin ETF Debuts Trading on TSX Tomorrow

A third Canadian Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term exchange-traded fund (ETF) is anticipated to trade on the country’s key bourse starting tomorrow. CI Global Asset Management, a subsidiary of a financial services group overseeing $230 billion in AUM, said it has received a regulatory receipt to float its fund through an initial public offering on the Toronto Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term.

A statement released today detailing the offering says the fund is managed by CI GAM and advised by merchant bank, Galaxy Digital while its Bitcoin holding will be owned and administered by Bloomberg Index Services Ltd.

The so-called CI Galaxy Bitcoin ETF (BTCX) is designed to provide investors with exposure to Bitcoin through investing directly in the popular cryptocurrency. BTCX holdings are priced using the Bloomberg Galaxy Bitcoin Index.

To lend support to the fund, the company said it addressed the questions of pricing, custody, audit and public interest issues in a regulated investment fund. It acts as the investment and portfolio manager of the fund while New York-based crypto exchange, Gemini Trust will fulfil the functions of the custodian.

“The CI Galaxy Bitcoin ETF offers investors a secure and convenient means of holding Bitcoin in their portfolio,” said Kurt MacAlpine, Chief Executive Officer of CI Financial, the parent company of the CI GAM. “I believe our ETF stands out based on its highly competitive price point and CI and Galaxy’s extensive capabilities and track record in managing alternative investments and digital assets.”

“We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to Bitcoin,“ said Steve Kurz, Partner and Head of Asset Management at GDAM.

The exchange-traded product would provide stockholders with direct exposure to Bitcoin value by buying stock, rather than the asset itself. In addition, the non-redeemable investment fund aims to achieve capital appreciation through a long-term holding strategy.

To induce more and more buyers, there is no limit on minimum purchases. After the ETF is issued, CI GAM is proposing to merge its closed-end fund (BTCG) into the BTCX.