CI Galaxy Bitcoin ETF now Trading on TSX
CI Global Asset Management (CI GAM) has launched the CI Galaxy Bitcoin ETF (BTCX) on the Toronto Stock Exchange (TSX) under the tickers BTCX.B and BTCX.U, with a management fee of just 0.40 per cent, which CI GAM says represents the lowest management fee of any bitcoin ETF.
“As market validation of cryptocurrencies continues to accelerate, we are offering investors a secure and lower-cost way to participate in the bitcoin market,” says Kurt MacAlpine, Chief Executive Officer of CI Financial Corp., the parent company of CI GAM. “We believe that the CI Galaxy Bitcoin ETF will be investors’ preferred means of holding and trading bitcoin because it offers the lowest management fee of any bitcoin fund on the market and is backed by the diverse and extensive management capabilities of both CI GAM, one of Canada’s leading investment managers, and Galaxy Digital, a world leader in digital asset fund management.”
BTCX is designed to provide investors with a convenient way to gain exposure to bitcoin through an institutional-quality fund platform. BTCX invests directly in bitcoin with its holdings priced using the Bloomberg Galaxy Bitcoin Index (the “BTC”), which is designed to measure the performance of a single bitcoin traded in U.S. dollars. The BTC index is owned and administered by Bloomberg Index Services Ltd.
BTCX.B will trade in Canadian dollars (unhedged) and BCTX.U will trade in US dollars.
CI GAM is the manager of the ETF and Galaxy Digital Capital Management LP (GDAM) serves as the bitcoin sub-advisor for the ETF. As sub-advisor, GDAM executes bitcoin trading on behalf of the ETF. GDAM is the Asset Management arm of Galaxy Digital, a diversified financial services firm dedicated to the digital asset and blockchain technology sector. The GDAM team has deep institutional experience managing third-party capital across traditional and alternative asset classes, strong relationships with institutional service providers and counterparties, and exceptional connectivity throughout the blockchain and digital assets ecosystem.
"Bitcoin adoption has hit a tipping point and investors don’t want to sit on the sidelines,” says Mike Novogratz, Chairman and Chief Executive Officer of Galaxy Digital. “The CI Galaxy Bitcoin ETF offers investors the most affordable way to gain exposure to bitcoin of any exchange-traded product on the market. As we continue our work to institutionalise the digital assets sector, CI and Galaxy are aligned in our commitment to drive innovation in product development and portfolio solutions for investors seeking exposure to this increasingly in-demand asset class.”
CI GAM is building on its leadership in digital currencies, having launched the CI Galaxy Bitcoin Fund (TSX: BTCG) in December 2020, which it intends to merge into the ETF, and has obtained a receipt for the preliminary prospectus of CI Galaxy Ethereum ETF (ether ETF), which, once approved, is expected to be the first ETF in the world to invest directly in ether, the cryptocurrency built on the Ethereum blockchain. CI GAM has also filed and obtained receipts for the preliminary prospectuses of CI Bitcoin and CI Ether Funds, which are mutual fund versions with the same investment objectives as BTCX and the ether ETF, respectively.