Evolve Funds Files for Crypto ETF in Canada

Evolve Funds has filed a preliminary prospectus with the Ontario Securities Commission (OSC) for an exchange-traded fund (ETF) Evolve Cryptocurrencies.

  • The Evolve Cryptocurrencies ETF offers investors “indirect exposure” to certain cryptocurrencies selected by an investment manager, weighted by market capitalization and rebalanced monthly, the company said in a press release. (The ETF began trading on September 29 on the Toronto Stock Exchange.)
  • Purpose Investment was the first company receive the approval of the CSO and initiate a bitcoins ETFs in North America. Evolve is the second ETF issuer in Canada to have an OSC-approved bitcoin ETF to trade on the Toronto Stock Exchange.
  • On April 16, three ether ETFs, launched by Purpose Investments, CI Global Asset Management and the Evolve ETFs, all approval received. The stock began trading on the TSX on April 20.
  • Investors in Canada can hold cryptocurrencies in their brokerage account, including their Registered Retirement Savings Plan (RSP) and Tax-Free Savings Account (TFSA), said Raj Lala, chief of management of the Evolve ETFs.
  • “With the Evolve Cryptocurrencies ETF, investors will be able to take a broader approach by allocating cryptocurrencies based on their market cap weighting,” said Lala.

UPDATE (September 30, 17:29 UTC): Add information in the first point on the trade date.

Read more: Evolve Becomes Second Canadian Issuer To Obtain Bitcoin ETF Approval

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