Evolve Bitcoin ETF (TSX:EBIT) Debuts On TSX

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Evolve Funds Groups’ Bitcoin ETF (TSX: EBIT) is all set to debut on the Toronto Stock Exchange (TSX) on Friday, February 19. The launch comes a day after the world’s first Bitcoin ETF, Purpose Bitcoin ETF (TSX: BTCC.B), started trading on the TSX and clocked one-day volume of 9.65 million shares. 

With an extraordinary rise in the world’s biggest cryptocurrency, these two regulated exchange-traded funds are an encouraging development to the future of the virtual currency.

Evolve President and CEO Raj Lala said that the latest mainstream investors’ adoption of cryptocurrency has further legitimized the growth of bitcoin. The investment firm has also claimed that they hold physical bitcoin.

In contrast, Purpose Investments Inc. stated yesterday that its Bitcoin fund directly invests in digital bitcoin and physical bitcoin.

Bitcoin is currently trading above US$ 52,500 per token, with a market cap of nearly US$ 1 trillion.


How To Invest In Bitcoin ETFs


With the launch of these ETFs, bitcoin enthusiasts now have more ways to invest in the ‘digital gold’. Trading though brokerage accounts can be considered as a regulated option for investors avoiding anonymous crypto exchanges or affiliated wallets. These ETFs also offer more protection to crypto investors as compared to digital wallets as the fund managers closely track currency movements.

Image Source: Kalkine Group @2021


Evolve Bitcoin ETF (TSX: EBIT)


Evolve fund will offer its unitholders a daily price development of bitcoin-USD through the creation and redemption procedures provided by the ETF structure. The fund will allow its investors to hold crypto directly on the Bitcoin blockchain in a cold wallet. Gemini Trust Company, LLC has agreed to be the sub-custodian of this fund’s holdings of bitcoin.

The daily price progress will be calculated from the CME CF Bitcoin Reference Rate (BRR) for a once-a-day benchmark price for bitcoin-USD. The group stated that they would not involve in derivatives or futures contracts.

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