The Ontario Securities Commission (OSC) has just given its approval for a new Bitcoin exchange-traded fund (ETF) just days after it did the same for another similar product.
According to the approval document, which was released yesterday, Canada-based Evolve has been given the green light to launch its Bitcoin ETF and is one step closer to listing it on the Toronto Stock Exchange (TSX).
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Notably, Cidel Trust Company, a subsidiary of Cidel Bank Canada, is the fund's custodian, while the US cryptocurrency exchange owned by the Winklevoss brothers Gemini is acting as sub-custodian.
The regulator approved Purpose's Bitcoin ETF on Thursday. Now, Evolve has used the same custodian and sub-custodian, which possibly influenced the approval of the investment product. In both cases, the auditor has been EY.
Interestingly, while Canada already has 2 Bitcoin ETFs, the US Securities and Exchange Commission (SEC) has not yet approved any of the applications for the launch of Bitcoin ETFs it has received to date.