Bitcoin News

The Canadian company offered a bitcoin ETF for trading on the Toronto Stock Exchange


A Canadian company has applied to offer a Bitcoin-based exchange-traded fund (ETF) on the Toronto Stock Exchange.

To Report CoinDesk, the initial document for the launch of a new bitcoin-based ETF, has been registered with the Canadian Securities and Exchange Commission. Accelerate Financial Technologies announced on Wednesday that it is seeking approval for the ETF, known as the Accelerate Bitcoin ETF and ABTC symbol on the Toronto Stock Exchange.

The ETF will offer units based on US Dollars and Canadian Dollars with a management fee of 0.70%.

Julian Klymochko, CEO and Founder of Excellence, said:

Bitcoin has been one of the best performing asset groups in the one-year, three-year, five-year and ten-year periods. This is true both in terms of total net profit and in terms of the risks involved.

He added:

Given the history and future capabilities of Bitcoin and the diversification features of its portfolio, we look forward to offering investors the opportunity to use this asset through a low-cost, easy-to-trade fund.

Accelerate is not the only company hoping to list a Bitcoin ETF in Canada. On January 13, Arxnovum Investments Inc. filed for the Arxnum Bitcoin Bitcoin ETF and plans to list it on the Toronto Stock Exchange.

In the United States, two new applications have been filed by VanEck and Valkyrie since December 2020, following the rejection of several Bitcoin ETF applications by the Securities and Exchange Commission (SEC).

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