Canada is gradually becoming a home for Bitcoin funds, as another investment firm applies to list its fund on the Toronto Stock Exchange (TSX).
The investment firm Accelerate Financial Technologies noted in a press release that it had filed a preliminary prospectus with the country’s securities watchdog for its a Closed-End Fund named Accelerate Bitcoin ETF (ABTC).
According to the announcement, the firm said the fund units would be offered in both the United States dollar (USD) and the Canadian dollar (CAD) denomination if its application is approved.
Accelerate plans to offer a 0.7% annual management fee in order to woo new investors into adopting the asset class since Canada already has two Bitcoin ETFs already listed on the TSX.
While Accelerate is hopeful for its application to be granted, the firm acknowledged that there is no guarantee that the Canadian securities regulators will approve its request, adding that:
“Listing is subject to the approval of the TSX in accordance with its original listing requirements.”
Commenting on the development, Julian Klymochko, Founder and CEO of Accelerate, noted that the firm is committed to giving potential investors exposure to Bitcoin through its fund, as the asset has a remarkable historical performance.
“Bitcoin has been one of the best-performing asset classes on a 1-year, 3-year, 5-year, and 10-year basis,” Klymochko added.
A Safe Haven For Bitcoin Funds
While the United States Security and Exchange Commission (SEC) has continued to reject applications filed to launch a Bitcoin ETF, Canada, on the other hand, has approved few applications in the past.
3iQ Corp, a Canadian crypto asset manager, was the first to have its Bitcoin Fund listed on the Toronto Stock Exchange.
With 3iQ’s request granted with ease, some firms, including Arxnovum and Ninepoint Partners, also filed applications to list similar products on the exchange.
Last week, Coinfomania reported that after Canadian regulators approved Ninepoint’s request, the firm manager conducted an initial public offering (IPO) for the fund, raising $180 million as gross profit from private investors.
