Canadian Firm, Accelerate, Files for a Bitcoin ETF (ABTC) on Toronto Stock Exchange

Companies have a growing demand to launch Bitcoin exchange-traded funds (ETFs) as the cryptocurrency market settles above the 41 trillion market cap. Accelerate Financial Technologies, a Canadian fintech firm, is the latest to file and obtain a receipt for a preliminary prospectus with the Canadian financial regulators to launch its Accelerate Bitcoin ETF under the ticker “ABTC.”

In a statement released on Wednesday, Accelerate confirmed a share of ABTC units have filed for listing on the Toronto Stock Exchange but are yet to receive conditional approval on the listing. ABTC will offer U.S. dollar-denominated units and Canadian dollar-denominated units, with a management fee of 0.70%.

Accelerate launched its first Bitcoin fund in 2017, providing its clients with one of Canada’s most innovative and fastest-growing alternative investment solutions. Julian Klymochko, CEO and founder of Accelerate, said, “he has always been an advocate of the asset class” given the coins’ past performance. Klymochko added,

“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. 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.”

The demand for Bitcoin ETFs seems to be back after a long layoff in the market following VanEck’s rejected proposals by the U.S. Securities Exchange Commission (SEC) in 2018. The company has once again filed for a Bitcoin ETF, claiming it will hold physical BTC this time.

Read Original/a>
Author: Lujan Odera

Related Articles