Could Canada be First to List a Bitcoin ETF?

Ever since the beginning of the year when the application by the Winkelvoss twins for a Bitcoin ETF was rejected, many Bitcoin investors were wondering when another attempt would be made? Would the SEC warm to the idea of a Bitcoin ETF and eventually allow a listing?

Now it seems, that all investors really needed to do was look to the US' northern neighbors. A firm in Canada called Evolve Funds has claimed that their fund management business is in the process of filing a prospectus for a Bitcoin ETF. The firm specialises in providing more variety ETFs such as the Evolve Cyber Security Index ETF (CYBR). Interestingly, they also are considering listing a classic car ETF.

The ETF will be called "BITS" and will allow investors to easily invest in a product that tracks the value of Bitcoin. The BITS will obtain it's value from investing in futures on the CFE Bitcoin Futures Exchange. According to Mr Raj Lala, the ETF will take out alot of the complications that are involved when investing in Bitcoin.

An ETF tied to the price of bitcoin could be a simpler way for investors to participate in its growth.

Evolve funds is about a year old and has tried to garner a niche market within the ETF space. They like to create opportunities for investors to get exposure to less traditional assets. At the moment, the company is waiting on approval from the Canadian Securities Exchange (CSA). This comes at the same time that Canadian regulators are looking at solutions for better regulating ICOs.

If the CSA is to approve the ETF, it will mean the the Canadian government is more progressive than the regulators in the US. There are also a few cryptocurrency ETFs in Europe. Evolve funds also says that should this be approved, they will offer both hedged and unhedged versions to the public.

Despite the lack of an actual Bitcoin ETFs for US investors, they can still purchase option derivatives via Ledger X's Bitcoin option. Although Evolve is waiting for official approval from the CSA, if past experience is anything to go by it is indeed quite likely. The British Columbia securities commission approved a Bitcoin investment fund last week and the Quebec regulators have allowed an ICO in their sandbox scheme.

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