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Arxnovum files Bitcoin ETF application with Canadian securities regulators

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Canadian funding fund supervisor Arxnovum Investments has filed a prospectus for a brand new Bitcoin (BTC) exchange-traded fund, or ETF, in Canada.

On Jan. 11, the corporate filed a stack of preliminary paperwork for the Arxnovum Bitcoin ETF with Canada’s Ontario Securities Fee.

In response to a preliminary lengthy type prospectus, Arxnovum plans to listing its new Bitcoin ETF on the Toronto Inventory Change. The itemizing is topic to the approval of the TSX in accordance with its authentic itemizing necessities. “The TSX has not conditionally authorized the itemizing utility of the Bitcoin ETF and there’s no assurance that the TSX will approve the itemizing utility,” Arxnovum famous.

The corporate mentioned that models of the Arxnovum Bitcoin ETF will commerce on TSX in opposition to the USA greenback. The ETF will embrace Bitcoin and/or Bitcoin futures contracts and/or different spinoff devices. The brand new Bitcoin ETF can also maintain money, money equivalents and/or different fixed-income securities, the corporate mentioned.

In response to the prospectus, the Arxnovum Bitcoin ETF might be backed by cryptocurrency trade and custody agency Gemini, which can act as a sub-custodian for belongings held outdoors of Canada:

“Gemini Belief Firm is the sub-custodian of the bitcoin held by the Bitcoin ETF. The SubCustodian is a belief firm licensed by the New York State Division of Monetary Providers and is certified to behave as a sub-custodian of the Bitcoin ETF for belongings held outdoors of Canada in accordance with NI 81-102.”

Arxnovum’s CEO Shaun Cumby beforehand held a senior place at 3iq — an organization that listed the first public Bitcoin fund in Canada in 2020. As Cointelegraph beforehand reported, Gemini was additionally offering its crypto custodian services for 3iq’s QBTC.U fund.

A Bitcoin ETF has been some of the anticipated occasions within the crypto group in recent times. Again in 2018, the USA Securities and Change Fee rejected Winklevoss’ second application for a Bitcoin ETF. 

In response to a January report from JPMorgan, the launch of a Bitcoin ETF might damage Bitcoin’s worth. On Jan. 13, Cointelegraph reported that VanEck, the primary firm to ever file for a Bitcoin ETF, is now facing a lawsuit from its former partner SolidX .