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Investment firm Accelerate files for Bitcoin ETF on the Toronto Stock Exchange

Updated: Aug 23, 2024
Published: Feb 3, 2021
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A Canadian investment firm has filed a preliminary prospectus with the country’s securities regulator.

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Accelerate Financial Technologies Inc., announced today via a blog post that it is seeking approval from the security regulator to list a Bitcoin ETF on the Toronto Stock Exchange (TSX).

Accelerate Bitcoin ETF

If approved, the Accelerate Bitcoin ETF would trade under the ticker symbol ‘ABTC.’ The firm already offers a suite of institutional-grade alternative ETFs for investors who want to diversify their portfolios.

The Bitcoin ETF will be denominated in both the U.S. dollar and the local Canadian dollar, with a management fee of 0.7%.

Accelerate Founder and CEO Julian Klymochko said that he has been an advocate for the asset class since the country launched its first bitcoin fund in July 2017.

He went on to say that bitcoin has been one of the best performing asset classes on a multi-tier year basis. Bitcoin was the best-performing institutional asset last year after surging more than 300%. 

“Bitcoin has been one of the best-performing asset classes on a 1-year, 3-year, 5-year, and 10-year basis, both absolute and risk-adjusted,” said Klymochko. 

“Given bitcoin’s historical track record and future potential, along with its portfolio diversification properties, we are looking forward to offering investors exposure to the asset class in an easy-to-use, low-cost ETF.”

Another Canadian Bitcoin ETF

Accelerate isn’t the only firm planning to list a Bitcoin ETF in the country. Arxnovum Investments filed a prospectus in mid-January with the Ontario Securities Commission to list on the Toronto Stock Exchange.

Gemini, a New York-based cryptocurrency exchange founded by the Winklevoss Twins would be the custodian of the BTC held by the ETF.

Bitcoin ETFs in the U.S.

The crypto community is waiting for the approval of a bitcoin ETF as it signals institutional acceptance for the digital asset.

However, U.S. regulators have refused to play ball and the Securities and Exchange Commission (SEC) has turned down several ETF applications.

Bitcoin is currently gaining institutional adoption as leading firms and hedge fund managers such as Paul Tudor Jones and Stanley Druckenmiller have at least spoken positively about it.

European regulators have approved similar products such as exchange-traded products (ETPs). 

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