The Evolve bitcoin exchange-traded fund (ETF) is trading on the Toronto Stock Exchange under the ticker “EBIT,” effective Friday.
This is the second bitcoin ETF to be have been approved by the Ontario Securities Commission (OSC) after Purpose Investment’s bitcoin ETF went live on the TSX on Thursday.
Both Evolve and Purpose Investment’s bitcoin ETFs have a management fee of 1%.
The Purpose Investment’s bitcoin ETF which is trading under the ticker “BTCC” has already seen huge interest and traded $200 million shares on its first day.
Evolve said it will provide investors with exposure to the daily price movements of the U.S. dollar price of bitcoin 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 which holds physical bitcoin is a real game-changer in Canada,” said Raj Lala, president, and CEO at Evolve. “Bitcoin has proven to be a store of value that is uncorrelated to other major asset classes – and has now emerged as an asset class itself.”
Gemini Trust company is the sub-custodian for Evolve ETFs holdings of bitcoin.