Canadian Firm Files for Bitcoin ETF on Toronto Stock Exchange

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A preliminary prospectus for a new Bitcoin Exchange Traded Fund (ETF) has been filed with the Canadian securities regulators.

Investment firm Accelerate Financial Technologies announced on Wednesday that it is applying for approval to list the Accelerate Bitcoin ETF on the Toronto Stock Exchange (TSX) under the ticker “ABTC”.

The ETF would offer shares denominated in both US and Canadian dollars with a management fee of 0.70%.

“Bitcoin was one of the best performing asset classes on a 1-year, 3-year, 5-year and 10-year basis, both in absolute terms and on a risk-adjusted basis,” said Julian Klymochko, founder and CEO of Accelerate.

“Given Bitcoin’s historic track record and future potential, as well as its portfolio diversification, we look forward to offering investors exposure to the asset class in an easy-to-use, affordable ETF,” he said.

Accelerate isn’t the only company hoping for a Bitcoin ETF listed in Canada. On January 13th, Arxnovum Investments Inc. submitted documents for the Arxnovum Bitcoin ETF, which is also to be listed on the TSX.

In the neighboring United States, after several previous offers for Bitcoin ETFs were rejected by the Securities and Exchange Commission, two new applications have been submitted by VanEck and Valkyrie since December 2020.