One Bitcoin exchange-traded fund (ETF) for investment firm Accelerate Financial is now operational in Canada. This approval makes it the first North American Bitcoin ETF after the Ontario Securities Commission gave the go-ahead for the institutional product.
This decision document was approved on February 11 and it covers these territories:
Newfoundland and Labrador, British Columbia, Alberta, Northwest Territories, New Brunswick, Nova Scotia, Yukon, Nunavut, Saskatchewan, Manitoba, Prince Edward Island, and Quebec.
On February 2, Accelerate Financial Technologies filed and acquired a receipt for a preliminary prospectus with the Canadian securities regulators to operate the Accelerate Bitcoin ETF (ABTC).
In the filing, it said that the fund will offer multiple units denominated in both United States and Canadian dollars with a 0.7% management fee. Also, the company had applied to list ABTC units on the Toronto Stock Exchange. At that time, the founder and CEO of Accelerate, Julian Klymochko, stated:
“Bitcoin has been one of the best performing asset classes on a 1-year, 3-year, 5-year and 10-year basis, both absolute and risk-adjusted. Given Bitcoin’s historical track record and future potential, along with its portfolio diversification properties, we are looking forward to offering investors exposure to the asset class in an easy-to-use, low-cost ETF.”
The company offers a suite of other ETFs, including the recently launched OneChoice Alternative Portfolio ETF. OneChoice is the country’s first fund that offers a single-ticket exposure to many alternative asset classes and investment strategies including gold, private credit, arbitrage, and bitcoin.
In mid-January, Canadian investment fund manager Arxnovum reportedly filed a prospectus for a BTC ETF with the Ontario Securities Commission.
