The Evolve bitcoin exchange-traded fund (ETF) is being traded on the Toronto Stock Exchange under the ticker “EBIT”, as of Friday.
This is the second bitcoin ETF to be approved by the Ontario Securities Commission (OSC) after Purpose Investment’s bitcoin ETF went live on TSX on Thursday.
Bitcoin ETFs from Evolve and Purpose Investment have a 1% management fee.
The Purpose Investment bitcoin ETF, which is being traded under the ticker “BTCC”, has already garnered huge interest and traded $ 200 million in shares on its first day.
Evolve said it will provide investors with exposure to the daily movements of the bitcoin price in dollars, making the most of the ETF structure and investors will directly own bitcoin on the bitcoin blockchain in a cold wallet.
“Being able to offer an ETF that contains physical bitcoin is a real game changer in Canada,” said Raj Lala, president and CEO of Evolve. “Bitcoin has proven to be a store of value that is not correlated with other important asset classes – and has now emerged as an asset class in itself.”
The Gemini Trust company is the sub-custodian of Evolve ETFs bitcoin holdings.