Bitcoin hit a new record high today Getty Images)
On the same day bitcoin’s market cap crossed US$1 trillion for the first time, investors got a second ETF option with the launch of the Evolve Bitcoin ETF on the TSX.
It’s the second bitcoin ETF to launch in Canada this week, following the Purpose Bitcoin ETF (BTTC.B) (BTCC.U) yesterday. It’s also the second of its kind in North America, with the U.S. still not approving one.
Canadian dollar-denominated unhedged units trade under ticker symbol EBIT and U.S. dollar-denominated unhedged units under EBIT.U with an annual management fee of 1 per cent.
EBIT ended the day up 6.7% with a volume of 355,000 shares. EBIT.U was up 7.6% with 103,000 shares trading hands.
“The recent institutional adoption has helped further legitimize the progress of bitcoin,” said Raj Lala, Evolve President and CEO in a release.
“Being able to offer an ETF which holds physical bitcoin is a real game changer in Canada. Now investors may participate in bitcoin via their brokerage accounts within their RRSP and TFSA. Bitcoin has proven to be a store of value that is uncorrelated to other major asset classes – and has now emerged as an asset class itse