Bitcoin Exchange Traded Fund (ETF) in Canada is Still Trending
After the launch of two major and first-ever Bitcoin Exchange Traded Fund (ETF) in Canada, more Canadian companies want a piece of it. Before any other firm in Canada, the first two Bitcoin ETFs were launched dubbed as BetaPro Inverse Bitcoin ETF (BITI) and BetaPro Bitcoin ETF (HBIT).
This time around, Ninepoint Partners is looking to acquire approval from the Canadian regulatory authorities to launch the Bitcoin ETF.
Ninepoint Partners is an investment management firm based in Toronto. The firm had recently expressed the attention of launching its own Bitcoin Exchange Traded Fund (ETF). Therefore, the firm went through extensive internal discussions to decide the fate of its ETF.
Finally, a consensus has been established after going back and forth with discussions whether the firm wanted to launch an ETF or not. The firm has now announced that it will be proceeding with the Bitcoin ETF. For that purpose, Ninepoint Partners will be filing its final prospectus and wait for the regulatory authorities’ approval.
So far, things are looking good for Ninepoint Partners as it has made a promising announcement on Thursday, April 29. The firm has confirmed that regulatory authorities from all three Canadian territories and ten provinces have received the prospectus.
According to Ninepoint Partners, all regulatory authorities have confirmed the receipt of the prospectus. They have confirmed that they will be looking into the request and consider what needs to be done. The firm has high hopes that it will be approved to offer its Bitcoin Exchange Traded Fund to the global investment communities.
At present, Ninepoint Partners is providing its services as a Bitcoin (BTC) trust. However, in March, Ninepoint Partners had expressed that it wanted to shift from BTC trust to BTC ETF. The firm revealed that it was not going to be the firm’s decision to make the move and become BTC ETF.
The firm revealed that the decision would be completely based on the voting of its stakeholders. They will fully comply with their decision so whichever side gets most of the votes, gets to choose the company’s entity.
Now that the prospectus is submitted, the only thing keeping Ninepoint Partners from becoming a Bitcoin ETF is approval from the regulators. Once the approval is given, Ninepoint Partners will enlist itself as a BTC ETF on the Toronto Stock Exchange (TSX).
According to sources, Ninepoint Partners had filed the first prospectus for the Bitcoin Exchange Traded Fund (ETF) back on April 6. The firm is aiming to launch its Bitcoin ETF in the form of two currencies, CND & USD. Therefore, the firm will launch its ETF with tickers that are BIT.C (CND) and BITC.UN (USD).