CI Global Could Get Canada’s Third Approved BTC ETF: Report

CI Global has just filed to issue a Bitcoin ETF In Canada, making it the third one in the country as the previous two saw major success so let’s read more in our latest BTC news.

A subsidiary of the firm that oversees $20 billion in assets will cooperate with Galaxy Digital on what will be the third Bitcoin ETF in Canada. There could be a third Canadian BTC ETF by CI Global Asset Management which is a subsidiary of the company that oversees more than $230 billion in assets as it filed a prospectus for the financial instrument as the announcement showed. The so-called CI Galaxy Bitcoin ETF will be managed by Galaxy Digital and CI as the two companies have previously partnered on the Bitcoin Fund which was a closed-end investment product.

Two Bitcoin ETFs went live this week and offered investors a way to gain more exposure to bitcoin by purchasing stocks rather than the asset itself. ETF managers purchase the underlying asset on behalf of the investors that are trading on the stock market for a fee. The first ETF in Canada hit $421 million worth of assets in the first two days of trading. BTCX will invest in Bitcoin directly with Galaxy handling the end of the trade and Gemini acting as a custodian. Another Canadian firm 3iQ also filed for a Bitcoin ETF last week.

As reported recently, The Purpose Bitcoin Exchange Traded Fund got off to a skyrocketing start this week as Canada’s first ETF as it raised $421 million in two days. A second ETF in Canada was launched by Evolve two days ago as well. The North American BTC ETF skyrocketed and Bloomberg reporter Eric Balchunas even tweeted that the Purpose BTC ETF is now crushing the people’s estimates. He said that “ if it were to keep up this pace it will be the biggest ETF in Canada in 20 days.

This month, Canada approved two BTC ETFs, The Purpose one that launched on Wednesday and traded $80 million worth of shares in the first 60 minutes and $165 million in the first 24 hours. Evolve launched a second Canadian BTC ETF and a third one could arrive via CI Financial that filed preliminary prospectuses for their own ETFs and there’s also another company 3iq that filed the same thing for an ETF last week. Purpose’s market cap is now sitting at $2.6 million USD while Evolve’s one is set at $1.3 million.