Canadian firm Accelerate Financial Technologies Inc., a Calgary-based financial services company, has filed for an application for a Bitcoin (BTC) exchange-traded fund (ETF) with Canadian securities regulators.
In a press release on Wednesday, February 3rd, Accelerate Financial has announced that it has filed and obtained a receipt for a preliminary prospectus with the Canadian securities regulators to launch a Bitcoin ETF on Toronto Stock Exchange (TSX) under the ticker symbol of ABTC.
According to the announcement, Accelerate Financial’s ABTC will offer units denominated in both United States and Canadian dollars, with a management fee of 0.70%. The firm noted that the listing of its Bitcoin ETF is subject to the approval of the TSX in accordance with its original listing requirements. “The TSX has not conditionally approved ABTC’s listing application and there is no assurance that the TSX will approve the listing application,” said Accelerate Financial.
The firm is one of Canada’s most innovative and fastest-growing alternative investment solution providers. Accelerate Financial offers a suite of institutional-caliber alternative ETFs for investors seeking diversification and long-term performance. As the interest in crypto ETF is crypto ETFs from global financial firms is growing, the company also wants to jump into this space.
The company is paying due attention to Bitcoin. Currently, the company’s Accelerate OneChoice Alternative Portfolio ETF (TSX: ONEC) is the only alternative portfolio solution ETF that provides exposure to 6 alternative asset classes, including Bitcoin.
Julian Klymochko, founder and CEO of Accelerate Financial, commented:
“Ever since launching Canada’s first bitcoin fund in July 2017, I’ve been an advocate for the asset class. Bitcoin has been one of the best-performing asset classes on a 1-year, 3-year, 5-year, and 10-year basis, both absolute and risk-adjusted. Given bitcoin’s historical track record and future potential, along with its portfolio diversification properties, we are looking forward to offering investors exposure to the asset class in an easy-to-use, low-cost ETF.”
Accelerate is not the only company seeking to list a Bitcoin ETF in Canada. In mid-January, Canadian investment fund manager Arxnovum Investments also filed a prospectus with Canada’s Ontario Securities Commission to list Bitcoin ETF in US Dollar on the Toronto Stock Exchange. The Arxnovum Bitcoin ETF will be backed by cryptocurrency exchange and custody firm Gemini, which will act as a sub-custodian for assets held outside of Canada.
In the neighboring US, on January 21, VanEck, a major American investment management firm, after getting rejected in the first attempt, again filed with the US SEC to launch the “Digital Assets ETF” that would track the performace of crypto companies.
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