Canadian institutional investors who were hitherto looking forward to the approval of a new Bitcoin ETF can now heave a sigh of relief. This is coming as Evolve Funds Group; a Canadian investment firm, has directly obtained approval from the regulatory authorities to start an ETF to meet its goals of getting the investing public exposed to Bitcoin.
Now, the authorities have given the go-ahead to the request made by the firm to launch EBIT. The successful listing of the fund will enable institutional investors to benefit from the opportunities presented by Bitcoin as an alternative to traditional assets. Before now, Canada had approved the first floated Bitcoin ETF. The Securities and Exchange Commission recently announced that it had given Evolve Funds the green light to float its Bitcoin ETF.
The Integration of Bitcoin to Traditional Finance is Working
Now, the integration between the crypto industry and the mainstream financial world is becoming closer and stronger. Evolve group, a Canadian investment firm, is one of the pacesetters whose aim of filing the ETF is to enable investors to take the opportunities available to their brokers and investment experts. Sur Ching, a crypto investment expert, said the ETF would be floated through Benchmarks company.
ETFs refer to a kind of security that contains a range of assets whose shares can be floated and traded on the exchange. About Bitcoin ETF, cryptocurrency is the fundamental asset. Through the Evolve Funds Group Bitcoin ETF, institutional investors can access cryptocurrencies without holding or buying them.
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As widely known, Bitcoin has the largest share in the crypto market. ETFs always monitor an asset’s price or a pool of assets offered as a single product. Once ETFs are now available as a tradable instrument on the stock exchanges, holders of ETF could now indirectly trade BTC or other digital assets.
Will the US also Grant Approval for Bitcoin ETF After Canada Has Set the Pace?
The Canadian authorities have approved ETF in the continent, operating Ontario Stock Exchange. The Cold Wallets will be the custodian of BTC and Value BTC using the Benchmark’s Rate. Presently, the firm is not launching any BTC derivatives or futures. According to the Ontario Exchange, if a product is good and well presented to the market, the crypto industry is ready for such financial offers.
Crypto stakeholders are now looking up to the US. Are the authorities going to approve the first ETF in the US?. The US SEC has denied approval for several ETF requests made to it over the years, but Canada has now set the pace. Till now, institutional investors have not had the opportunity to gain maximum exposure to BTC.
This explains why EBIT is taking the bold step to enable institutional investors to benefit from BTC effortlessly. Generally seen as a non-traditional instrument, BTC has gained institutional investors’ attention as a new inflation hedge (an alternative to gold) and a new store of value (as an alternative to fiat currencies).