A day after the launch of the first bitcoin ETF, the Purpose Bitcoin ETF (TSX: BTCC.B), Evolve ETF’s has launched its own bitcoin ETF. The ETF fund this morning announced the launch of the Bitcoin ETF (TSX: EBIT), which commences trading this morning.
The ETF reportedly will hold physical bitcoin as it looks to provide investors with a simple method of exposure to the cryptocurrency, enabling such exposure to occur within a TFSA or RRSP. The ETF is to provide exposure to the daily price movements of the US dollar price of the digital currency.
The company has indicated that investors of the ETF will effectively directly own bitcoin within a cold wallet. Exposure will not be sought via derivatives or futures contracts, with the daily net asset value to be based on the CME CF Bitcoin Reference Rate.
Trading in EBIT is to commence at market open.
Information for this briefing was found via Sedar and Evolve ETFs. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.