{"id":452327,"date":"2021-03-08T07:03:15","date_gmt":"2021-03-08T12:03:15","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=452327"},"modified":"2021-03-08T07:03:15","modified_gmt":"2021-03-08T12:03:15","slug":"ci-galaxy-bitcoin-etf-to-launch-on-the-tsx-on-march-9","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ci-galaxy-bitcoin-etf-to-launch-on-the-tsx-on-march-9\/","title":{"rendered":"CI Galaxy Bitcoin ETF to Launch on the TSX on March 9"},"content":{"rendered":"

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CI Galaxy Bitcoin ETF to Launch on the TSX on March 9<\/b><\/p>\n

TORONTO–(BUSINESS WIRE<\/a>)–CI Global Asset Management<\/a> (\u201cCI GAM\u201d) announced that Canadian securities regulators have issued a receipt for the final prospectus of the CI Galaxy Bitcoin ETF (\u201cBTCX\u201d or the \u201cETF\u201d), which is expected to trade on the Toronto Stock Exchange (\u201cTSX\u201d) starting tomorrow, March 9, 2021, subject to TSX approval.\n<\/p>\n

\nBTCX is designed to provide investors with a convenient way to gain exposure to bitcoin through an institutional-quality fund platform. BTCX invests directly in bitcoin with its holdings priced using the Bloomberg Galaxy Bitcoin Index (the \u201cBTC\u201d), which is designed to measure the performance of a single bitcoin traded in U.S. dollars. The BTC is owned and administered by Bloomberg Index Services Ltd.\n<\/p>\n

\n\u201cThe CI Galaxy Bitcoin ETF offers investors a secure and convenient means of holding bitcoin in their portfolio,\u201d said Kurt MacAlpine, Chief Executive Officer of CI Financial, the parent company of the CI GAM. \u201cI believe our ETF stands out based on its highly competitive price point and CI and Galaxy\u2019s extensive capabilities and track record in managing alternative investments and digital assets.\u201d\n<\/p>\n

\nCI GAM will be the manager of the ETF and Galaxy Digital Capital Management LP (\u201cGDAM\u201d) will act as the bitcoin sub-advisor for the ETF. As sub-advisor, GDAM will execute bitcoin trading on behalf of the ETF. GDAM is the Asset Management arm of Galaxy Digital, a diversified financial services firm dedicated to the digital asset and blockchain technology sector. The GDAM team has deep institutional experience managing third-party capital across traditional and alternative asset classes, strong relationships with institutional service providers and counter-parties, and exceptional connectivity throughout the blockchain and digital assets ecosystem.\n<\/p>\n

\n\u201cWe believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin,\u201c said Steve Kurz, Partner and Head of Asset Management at GDAM.\n<\/p>\n

\nReflecting CI GAM\u2019s leadership in digital assets, the manager launched the CI Galaxy Bitcoin Fund (TSX: BTCG) in December 2020, which it intends to merge into the ETF<\/a>, and has obtained a receipt for the preliminary prospectus of CI Galaxy Ethereum ETF (\u201cETHX\u201d), which, once approved, is expected to be the first ETF in the world to invest directly in Ether, the cryptocurrency that powers the Ethereum blockchain. CI GAM has also filed and obtained receipts for the preliminary prospectuses of CI Bitcoin Fund and CI Ethereum Fund, which are mutual fund versions with the same investment objectives as BTCX and ETHX, respectively.\n<\/p>\n

\nBenefits of the CI Galaxy Bitcoin ETF include:\n<\/p>\n