Galaxy Digital, the crypto bank owned by Mike Novogratz, is launching its own Bitcoin ETF on the Toronto Stock Exchange. Canadian regulators have approved the offering from CI Global Asset Management (CI GAM) with the cryptocurrency investment firm acting as sub-advisor.
According to the announcement, the launch of the CI Galaxy Bitcoin ETF (BTCX) will take place today.
Notably, CI GAM also plans to merge its existing Bitcoin fund into the ETF. The CI Galaxy Bitcoin Fund manages assets worth $172M.
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The Canadian authorities approved the launch of the country's first Bitcoin ETF in February. Purpose’s ETF hit a volume of $165M during its first day of trading.
The BTCX has been designed to provide investors with a convenient way to gain exposure to Bitcoin through an institutional-grade fund platform.
Even though Bitcoin ETFs appear to be finding their way into Canada, none of the applications filed with the US Securities and Exchange Commission (SEC) has been accepted. However, several applications are still pending.