Canada's CI Financial files for new Bitcoin ETF with Galaxy as subadvisor

Bitcoin • February 19, 2021, 10:11AM EST
UPDATED: February 19, 2021, 10:27AM EST
The Block

Canadian investment firm CI Financial, which manages more than $230 billion worth of assets, has filed for a new bitcoin exchange-traded fund (ETF).

CI is seeking approval to list the bitcoin ETF on the Toronto Stock Exchange (TSX). If approved, the firm would manage the ETF with Mike Novogratz's Galaxy as subadvisor and charge an annual management fee of 1%.

CI already operates a bitcoin fund named CI Galaxy Bitcoin Fund, which manages about $172 million worth of assets.

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In recent weeks, the market has seen several crypto asset managers in Canada apply and get approvals for bitcoin ETFs, including Purpose and Evolve.

Purpose's bitcoin ETF debuted Thursday and saw $165 million worth of trading volume and reportedly became the most-traded ETF for the day in Canada. Evolve's bitcoin ETF began trading on Friday.

Another Canadian crypto asset manager, 3iQ, also filed a preliminary prospectus for a bitcoin ETF last week and is awaiting approval. 3iQ also already manages bitcoin funds.

Meanwhile, in the U.S. as well, several crypto firms have begun filing and refiling their bitcoin ETF applications with the Securities and Exchange Commission in recent weeks.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.