Canada is re-upping its support for the cryptocurrency sector, launching the first Ethereum exchange-traded funds (ETFs) in North America just months after launching the first Bitcoin ETF on the continent. ETFs combine the ease of stock trading with the diversification benefits of mutual funds. Often, they have lower fees than other type of funds, but they […]
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The Canadian publicly traded bitcoin mining company Bitfarms has announced a deal that will see the company developing a 210 megawatt (MW) mining farm in Argentina. Bitfarms says that the company was able to secure a low electricity rate at $0.02 per kWh during the contractual period. Argentine-Based Bitcoin Mining Facility Aims to Acquire 210 […]
Canada has been approving crypto exchange-traded funds (ETF) more quickly than the United States and after three successful bitcoin ETFs, the country has approved three ethereum-based ETFs. The three ether ETFs in Canada will debut on Toronto’s stock exchange (TSX) on April 20, 2021. Three Ethereum ETFs Set to Launch in Canada Next Week Back […]
Canadian stock market investors will soon have a wide range of options to choose from when it comes to Ethereum ETFs.
While gaining exposure might still be difficult south of the US-Canada border, Canadian investors will shortly have a host of options to choose from to gain exposure to Ethereum (ETH) via an ETF as regulators have approved three different Ethereum ETFs in a single day.
Purpose Investments, Evolve ETFs, and CI Global Asset Management were all approved by Canadian regulators to launch Ethereum-backed ETFs today. The ETFs will be the first ETH ETFs in North America, and among the first in the world.
Some observers noted that all three being approved at once may have been part an effort not to give Purpose an “unfair advantage”. Purpose appeared to gain an edge after the launch of the wildly popular Purpose Investments ETF, the first North American Bitcoin ETF which quickly swelled to $1.3 billion in AUM while competitors waited for approval. Rival Evolve Fund Group’s Bitcoin ETF only managed to attract $100 million in AUM, despite launching only two days later than Purpose and offering 25% less management fees.
In a Tweet, a reporter for Bloomberg said that the CL Galaxy and the Purpose ETF funds will begin trading on 4/20 — a date he thought would please Elon Musk, given it’s marajuana culture connection. Likewise, Evolve’s ETH ETF — which they first filed for in March — will begin trading on the same day.
Updating yet again... @CIGlobalAsset & @GalaxyDigital just got approval for their #Ethereum ETF alongside @PurposeInvest's. I THINK both will begin trading on ... wait for it ... 4/20 -- Amazing @elonmusk https://t.co/SNFY4jNpUa pic.twitter.com/4ZUSCJEVQ5
— James Seyffart (@JSeyff) April 16, 2021
The Canadian stock market has already demonstrated a significant appetite for exposure to crypto assets. Previous exchange-traded Ethereum products led to market halts on the first day of listing, and Purpose’s Bitcoin ETF cracked $100 million in its first day of trading.
The Horizons Inverse Bitcoin ETF (BITI) aims to allow investors to take advantage of Bitcoin price volatility, says executive.
Bitcoin (BTC) investors in Canada have two more outlets for BTC exposure this week — and can now even bet on a price crash.
In a press release on April 14, Horizons ETFs Management confirmed that its two new exchange-traded funds (ETFs) would start trading on the Toronto stock exchange Thursday.
Already a pioneer in the regulated institutional investment space for Bitcoin, Canada has now given the go-ahead for the first such fund dedicated to Bitcoin price losses, not gains.
Dubbed the BetaPro Inverse Bitcoin ETF (BITI), the fund allows investors to short Bitcoin futures. Rather than a sign of bearish sentiment, however, executives describe the offering as a way to capture episodes of price volatility.
Its sister, the BetaPro Bitcoin ETF (HBIT), will function in the more traditional sense, complementing the short opportunity.
"We know that there are polarizing views on bitcoin and as a result, there are investors with a high degree of conviction on both the bullish and bearish cases for the asset class," Steve Hawkins, President and CEO of Horizons ETFs, said in the release.
"In launching HBIT and BITI, our goal is to provide investment tools that allow investors to get liquid access to the returns of bitcoin futures with the ability to go long or short the asset class, based on their outlook and conviction."
The move comes as Bitcoin circles new all-time highs near $65,000 and institutional interest grows in tandem.
This week, open interest in Bitcoin futures reached a fresh historic peak, passing $25 billion ahead of exchange Coinbase being listed on Nasdaq.
Grayscale's Bitcoin Trust (GBTC), nonetheless continued to produce a negative share price premium relative to spot prices, and traded at around a 14.3% discount on Thursday.
United States regulators have yet to approve a single Bitcoin ETF, giving Canada a firm edge despite its market being a fraction of its neighbor.
The Purpose Bitcoin ETF, the first to get the green light in the country earlier this year, now has $1.4 billion CAD ($1.12 billion USD) in assets under management.
As Cointelegraph noted, however, exposure to ETFs is still possible indirectly in the U.S.
On April 9, 2021, the Delaware-based company and sponsor of the “Kryptoin Bitcoin ETF Trust” filed an S1 amendment for a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The asset manager re-filed its 2019 ETF application and instead of leveraging NYSE, the company plans to use Cboe BZX. Kryptoin Joins […]
INX has been accepting cryptocurrencies like Bitcoin and Ether for its SEC-approved security token IPO since September 2020.
INX Limited, a Gibraltar-based platform for trading securities and cryptocurrencies, is preparing to finish its initial public offering soon.
According to a Monday announcement, April 22 will be the last day of INX’s IPO as the company expects to have listed its token on at least one public trading platform by the end of May 2021. INX plans to launch the INX Digital trading platform shortly after the IPO ends, the firm said.
INX launched the IPO in August 2020, planning to raise up to $117 million in a security token offering approved by the United States Securities and Exchange Commission.
INX CEO Shy Datika said that the company “has secured its position as the first to execute an SEC-registered digital security IPO for both retail and institutional investors.”
INX did not specify how much the firm has raised with its IPO so far. The company did not immediately respond to Cointelegraph’s request for comment.
As previously reported by Cointelegraph, INX originally expected to finish the IPO by the end of 2020, having raised a total of $10 million as of late October.
Within its IPO, the firm has been accepting payments in major cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH), as well as U.S. dollar-pegged stablecoin USD Coin (USDC). When INX introduced the crypto payment option in September 2020, Bitcoin and Ether were trading at around $10,500 and $380, respectively. Both cryptocurrencies have seen massive growth amid a major rally on crypto markets, up more than 500% since September, trading at $58,577 and $2,099 at the time of writing, respectively.
INX is finishing its IPO as major U.S. cryptocurrency exchange Coinbase prepares to go public with a direct stock listing on the Nasdaq Global Select Market. The firm expects to launch its Class A common stock trading under the ticker symbol “COIN” on April 14.
Non-fungible token (NFT) assets and collectibles are starting to see sales decline and interest in NFTs is dropping as well. Additionally, it’s being said that an “oversupply of NFTs” may hurt the market, according to James Surowiecki the author of “The Wisdom of Crowds.” In 2021, non-fungible tokens have been all the rage and the […]
CoinShares CEO Jean-Marie Mognetti said its proposed Bitcoin ETF aims to make "digital assets more accessible to investors of all types."
Investment fund manager 3iQ has partnered with Coinshares to launch a Bitcoin exchange-traded fund in Canada.
According to an announcement from 3iQ, the firm has filed a final prospectus for a Bitcoin (BTC) exchange-traded fund, or ETF, with the securities regulatory authorities in each of the 10 provinces and 3 territories of Canada. Pending regulatory approval, trading for the ETF is expected to begin in early April on the Toronto Stock Exchange.
CoinShares CEO Jean-Marie Mognetti said the joint effort was aimed at “making digital assets more accessible to investors of all types.” The fund’s units will likely trade in U.S. dollars under the ticker “BTCQ.U” and Canadian dollars under the ticker “BTCQ.”
Canadian investment firms have largely taken the lead on launching crypto ETFs in North America given the U.S. Securities and Exchange Commission’s, or SEC's, seeming reticence in approving a fund. Toronto-based Purpose Investments launched a Bitcoin ETF in February, and Ninepoint Partners is reportedly planning to change its Bitcoin trust offering to an exchange-traded fund as well. Evolve Funds Group also announced in March that it had filed a prospectus with Canadian regulators for approval to begin trading an Ether ETF.
3iQ was behind the launch of Canada’s first Bitcoin fund in April 2020. The fund has since reached more than $1 billion, with Coinshares and 3iQ having a combined $7 billion of assets under management.
“We have followed 3iQ’s incredible growth closely since they received a landmark decision in Canada to allow listed Bitcoin vehicles," said Mognetti.
A communications provider is in legal trouble with the U.S. authorities for a money laundering case involving cryptocurrencies. A federal court incited Sky Global for allegedly having facilitated criminal organizations to launder millions worth in crypto. Sky Global Is Also Accused of Remotely Destroying Devices to Avoid Seizing Per the filings, the Southern District of […]
