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Canada has been a pioneer in the cryptocurrency space, being the first country to approve and launch Bitcoin exchange-traded funds (ETFs) in North America. While the US Securities and Exchange Commission (SEC) has been reluctant to approve Bitcoin ETFs, citing concerns over market manipulation, fraud, and custody issues, Canada has taken a more progressive and pragmatic approach, allowing investors to access the world's most popular digital currency through a regulated and transparent vehicle.
Canada has approved and launched five spot Bitcoin ETFs so far, making it the global leader in this innovative and fast-growing segment.
Purpose Bitcoin ETF (BTCC): The first Bitcoin ETF in North America was launched by Purpose Investments on February 18, 2021. It has over US$1.1 billion in assets under management (AUM) as of July 21, 2023, and charges a 1.00% management fee.
Evolve Bitcoin ETF (EBIT): The second Bitcoin ETF in North America was launched by Evolve Funds Group on February 19, 2021. It has over US$110 million in AUM as of July 21, 2023, and charges a 0.75% management fee.
CI Galaxy Bitcoin ETF (BTCX): The third Bitcoin ETF in North America was launched by CI Global Asset Management and Galaxy Digital Capital Management on March 9, 2021. It has over US$517 million in AUM as of February 14, 2024, and charges a 0.80% management fee.
3iQ CoinShares Bitcoin ETF (BTCQ): The fourth Bitcoin ETF in North America was launched by 3iQ Corp and CoinShares on April 19, 2021. It has over US$224 million in AUM as of February 14, 2024, and charges a 1.75% management fee.
Fidelity Advantage Bitcoin ETF (FBTC): The fifth Bitcoin ETF in North America was launched by Fidelity Investments Canada on October 15, 2021. It has over US$194 million in AUM as of February 14, 2024, and charges a 0.95% management fee.
These ETFs offer investors different options in terms of currency exposure, trading platforms, and custodians, but they all share the common goal of providing a simple and cost-effective way to gain exposure to Bitcoin.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
