Galaxy Digital Is Launching A Canadian Bitcoin ETF Tomorrow

A bitcoin ETF managed by Galaxy Digital expects to go live in Canada tomorrow.

As filings for the first approved bitcoin exchange-traded fund (ETF) in the U.S. pile up, CI Global Assets Management (CI GAM) has announced that its bitcoin ETF will hit the Toronto Stock Exchange (TSX) this week.

The announcement indicated that the product would list on March 9, 2021, making it the third Canadian bitcoin ETF to do so the last two months, though regulatory approval is still pending. The first North American bitcoin ETF was listed in February by Purpose Investment (with $200 million worth of shares sold on its first day).

This newly-announced product will be managed by CI GAM, with digital assets financial services firm Galaxy Digital Capital Management (GDAM) acting as “the bitcoin sub-advisor” for the product, per the announcement.

“As sub-advisor GDAM will execute bitcoin trading on behalf of the ETF,” per the announcement. “GDAM is the asset management arm of Galaxy Digital, a diversified financial services firm dedicated to the digital asset and blockchain technology sector.”

While ETF products appear to be flowing in Canada, no filing for a bitcoin ETF product has received regulatory approval in the United States, though several are pending with the U.S. Securities and Exchange Commission.

Bitcoin ETFs could be powerful new ways for U.S. investors to gain exposure to BTC, particularly through their more traditional portfolios. 

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