Galaxy Digital’s Bitcoin ETF to launch on TSX
The Bitcoin market has been a highly lucrative investment opportunity for many investors and the crypto businesses around the world are trying to capitalize on this interest. In the latest move by Galaxy Digital Capital Management, a subsidiary of financial services and investment management company Galaxy Digital, the company announced its CI Galaxy Bitcoin ETF to start trading this week.
According to the announcement, the Bitcoin ETF will go live in the Canadian market on 9 March. The firm will join the Toronto Stock Exchange [TSX] as one of the pioneering ETF products in North America, while the United States awaits regulatory clarity for approval of ETFs.
With the growing popularity of Bitcoin, ETFs have also noted a boom notably since Purpose ETF went live last month. Galaxy had reportedly filed with the regulators at the same time. According to Steve Kurz, Partner and Head of Asset Management at GDAM,
“We believe the emerging digital asset class presents compelling growth and diversification opportunities. The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.”
In the increasingly competitive market, Galaxy believed its ETF stands out based on its “competitive price point” and its capabilities in managing alternative investments and digital assets.
Even though the Bitcoin market was currently witnessing a strong correction phase, the interest in the digital asset has remained unfazed. Grayscale’s GBTC was trading at a large discount and currently, GBTC was trading at a nearly 3% discount, which with the current low premium suggests ‘buy’ to the contrarians.