A new company based out of Toronto is aiming to become a part of the Bitcoin market of Canada. And instead of a Bitcoin Trust, Evolve intends to be the managing company of an exchange-traded-fund. At the moment Evolve has a couple ETF listed on the Toronto Stock Exchange and hopes to add more ETF to the listings.
BITS by Evolve
Evolve’s bitcoin ETF will be dubbed BITs. The goal, if approved, is to give investors exposure to Bitcoin. And the value will be from the performance of the currency on the CFE Bitcoin Futures Index. The company will claim .80 percent of the net asset value as a management fee. However, at this time Canadian regulators across all provinces are looking into Initial Coin Offerings, and the approval may take some time. Nonetheless Evolve is hopeful the funds will be approved and strongly believe Bitcoin is the future currency.
At this rate Canada will have access to a Bitcoin based ETF before the United States. After all, British Columbia and Ontario share a cryptocurrency based investment firm as it is. BITS should be following shortly in the near future.
Evolve was founded last year by president and CEO Mr. Raj Lala. And in this brief timespan, Lala and his team have been very successful. In fact the team has been able to open multiple different ETFs in a variety of niches, and is still seeking to improve. The company has always wanted to change the way that Canadian investment was occurring. They wanted to bring different and yet still effective investment solutions. At the moment 2 of their investments funds are CYBR; Cyber Securities Index, and HERS; North American Diversity Index. But in the near future they aim to add 3 new ETFs alongside BITS.
“If the industry is evolving – your investments should too” – Evolve team says