Regulators in Canada approve CI Financial's bitcoin ETF, setting stage for TSX debut

Mike Novogratz' Galaxy Digital is officially in the bitcoin exchange-traded fund (ETF) game.

Regulators in Canada approved CI Global Asset Management's (CI GAM) offering with the crypto investment firm acting as sub-advisor. The receipt is dated March 4, public records show.

The CI Galaxy Bitcoin ETF (BTCX) will begin trading on the Toronto Stock Exchange Tuesday with the exchange's approval, according to an announcement. CI GAM also plans to merge its existing bitcoin fund into the ETF, according to an announcement from the firm. The CI Galaxy Bitcoin Fund manages about $172 million worth of assets.

Canada first approved a bitcoin ETF in February of this year. CI GAM and Galaxy filed soon after the initial approval of the Purpose Bitcoin ETF. Purpose did $165 million in volume on its first day. 

Soon after filing for a bitcoin ETF, CI GAM and Galaxy submitted a prospectus for an ether-based ETF to trade on TSX. If approved, it would be a first-of-its-kind offering. Galaxy has said it plans to deepen its ETH offerings, and is planning to launch a family of ETH funds. 

CI-GAM has also filed and obtained receipts on prospectuses on mutual fund offerings for BTC and ETH.

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Aislinn Keely joined The Block in the summer of 2019. She is a member of the outlet's policy team, holding down the legal beat. Before The Block, she lent her voice to the NPR affiliate WFUV, where she reported and anchored newscasts in addition to some podcast work. Aislinn is a proud Fordham Ram and editor-in-chief emerita of its newspaper. When she isn't writing or reporting, Aislinn is running and rock climbing.