Arxnovum files Bitcoin ETF application with Canadian securities regulators

CoinTelegraph

Canadian investment fund manager Arxnovum Investments has filed a prospectus for a new Bitcoin (BTC) exchange-traded fund, or ETF, in Canada.

On Jan. 11, the company filed a stack of preliminary documents for the Arxnovum Bitcoin ETF with Canada’s Ontario Securities Commission.

How To Get Free Crypto  

According to a preliminary long form prospectus, Arxnovum plans to list its new Bitcoin ETF on the Toronto Stock Exchange. The listing is subject to the approval of the TSX in accordance with its original listing requirements. “The TSX has not conditionally approved the listing application of the Bitcoin ETF and there is no assurance that the TSX will approve the listing application,” Arxnovum noted.

The company said that units of the Arxnovum Bitcoin ETF will trade on TSX against the United States dollar. The ETF will include Bitcoin and/or Bitcoin futures contracts and/or other derivative instruments. The new Bitcoin ETF may also hold cash, cash equivalents and/or other fixed-income securities, the company said.

According to the prospectus, 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:

“Gemini Trust Company is the sub-custodian of the bitcoin held by the Bitcoin ETF. The SubCustodian is a trust company licensed by the New York State Department of Financial Services and is qualified to act as a sub-custodian of the Bitcoin ETF for assets held outside of Canada in accordance with NI 81-102.”

Coinbase Banner  

Arxnovum’s CEO Shaun Cumby previously held a senior position at 3iq — a company that listed the first public Bitcoin fund in Canada in 2020. As Cointelegraph previously reported, Gemini was also providing its crypto custodian services for 3iq’s QBTC.U fund.

A Bitcoin ETF has been one of the most anticipated events in the crypto community in recent years. Back in 2018, the United States Securities and Exchange Commission rejected Winklevoss’ second application for a Bitcoin ETF. 

According to a January report from JPMorgan, the launch of a Bitcoin ETF could hurt Bitcoin’s price. On Jan. 13, Cointelegraph reported that VanEck, the first company to ever file for a Bitcoin ETF, is now facing a lawsuit from its former partner SolidX .

Go to Source
Author: Helen Partz


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.