Explore these top 10 Canadian cryptocurrency ETSs
Cryptocurrencies have become an integral part of the global financial landscape, and Canada has emerged as a key player in the adoption and regulation of digital assets. As traditional investors seek exposure to the crypto market, the popularity of Cryptocurrency Exchange-Traded Funds (ETFs) has surged. In this article, we will delve into the top 10 Canadian Cryptocurrency ETFs that offer investors a convenient way to participate in the crypto space.
1. Purpose Bitcoin ETF (BTCC):
Launched in February 2021, the Purpose Bitcoin ETF made history as the first North American ETF to directly invest in physical Bitcoin. Managed by Purpose Investments, BTCC has quickly gained traction among investors seeking direct exposure to the world’s largest cryptocurrency.
2. Evolve Bitcoin ETF (EBIT):
Evolve Bitcoin ETF is another prominent player in the Canadian market. Launched shortly after Purpose Bitcoin ETF, EBIT aims to provide investors with exposure to the daily price movements of Bitcoin. This ETF is managed by Evolve Funds Group, a company specializing in thematic ETFs.
3. CI Galaxy Bitcoin ETF (BTCX):
CI Galaxy Bitcoin ETF, managed by CI Global Asset Management, is designed to provide exposure to Bitcoin’s performance. Launched in March 2021, BTCX aims to track the performance of the Bloomberg Galaxy Bitcoin Index. It offers investors a convenient way to gain indirect exposure to Bitcoin’s price movements.
4. 3iQ CoinShares Bitcoin ETF (BTCQ):
3iQ, a Canadian investment fund manager, collaborates with CoinShares to offer the 3iQ CoinShares Bitcoin ETF. BTCQ provides exposure to Bitcoin’s price movements and is backed by physically settled Bitcoin. With the backing of two well-established entities, this ETF has gained popularity among investors.
5. Horizon’s BetaPro Bitcoin ETF (HBIT):
Horizon’s BetaPro Bitcoin ETF is unique in that it offers both bull and bear exposure to Bitcoin. Managed by Horizon ETFs, HBIT provides 1x (long) and -1x (inverse) daily performance to Bitcoin futures contracts. This allows investors to capitalize on both upward and downward price movements in the cryptocurrency.
6. CI Galaxy Ethereum ETF (ETHX):
In addition to Bitcoin-focused ETFs, CI Global Asset Management also offers the CI Galaxy Ethereum ETF. Launched in April 2021, ETHX aims to track the performance of the Bloomberg Galaxy Ethereum Index, providing investors with exposure to the second-largest cryptocurrency by market capitalization.
7. Evolve Ethereum ETF (ETHR):
Evolve Ethereum ETF, managed by Evolve Funds Group, is another option for investors seeking exposure to Ethereum. Launched concurrently with Evolve’s Bitcoin ETF, ETHR tracks the daily price movements of Ethereum, allowing investors to participate in the growth of the decentralized finance (DeFi) ecosystem.
8. Horizons BetaPro Inverse Bitcoin ETF (BITI):
For investors looking to capitalize on potential downward trends in Bitcoin, Horizons BetaPro Inverse Bitcoin ETF (BITI) offers -1x daily performance to the Solactive Bitcoin Front Month MD Rolling Futures Index. Managed by Horizon ETFs, BITI provides a unique strategy for those anticipating bearish movements in the cryptocurrency market.
9. 3iQ CoinShares Ether ETF (ETHQ):
Building on the success of their Bitcoin ETF, 3iQ and CoinShares collaborate to offer the 3iQ CoinShares Ether ETF. ETHQ aims to provide exposure to the price movements of Ethereum, giving investors a diversified option within the cryptocurrency space.
10. Horizons BetaPro Inverse Ethereum ETF (ETHI):
Similar to its Bitcoin counterpart, Horizons BetaPro Inverse Ethereum ETF (ETHI) is designed for investors looking to benefit from potential downward movements in the price of Ethereum. Managed by Horizon ETFs, ETHI offers -1x daily performance to the Solactive Ethereum Front Month MD Rolling Futures Index.
Conclusion:
As the popularity of cryptocurrencies continues to rise, Canadian investors have a diverse range of Cryptocurrency ETFs to choose from. These funds provide exposure to the digital asset market while offering the convenience and security of traditional investment vehicles. However, investors must conduct thorough research and consider their risk tolerance before venturing into the volatile world of cryptocurrency ETFs.
