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Home Crypto News Market Gemini Trust Supports Arsenum Investments To Apply For Bitcoin ETF In Canada

Gemini Trust Supports Arsenum Investments To Apply For Bitcoin ETF In Canada

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The company Arsenum Investments has applied for registration of an exchange-traded fund (ETF) for Bitcoin in Canada. The New York Gemini Trust of the Winklevoss brothers will store the fund’s assets.

Read: China Has Begun Testing Of The Digital Yuan In Atms

Arsenum Investments has submitted an application to launch the Arsenum Bitcoin ETF to the Ontario Securities Commission (OSC). The firm plans to list the financial instrument on the Toronto Stock Exchange (TSX) under the ticker “BIT.U.”.


 The Bitcoin ETF application was sent to Canadian regulator by the CEO of Arsenum Investments Inc, Shaun Cumby. Previously, he worked as Director of Information Technology at 3iq Corp, a Canadian digital asset management company. 3iq Corp has launched a regulated closed-end investment fund, the Bitcoin Fund, which began trading on the TSX last year. The company had to seek permission from the OSC for three years.

Gemini Trust will act as a sub-depository of the Arsenovum Bitcoin ETF. It will store the Bitcoins held by Arsenum Investments outside of Canada. The Arsenum Bitcoin ETF will provide investors with access to Bitcoin and allow them to track the daily fluctuation of the BTC exchange rate in US dollars. It will help investors buy Bitcoin futures and other derivatives listed on the Chicago Mercantile Exchange (CME) and other exchanges regulated by the U.S. Commodity Futures Trading Commission (CFTC).

Read: SEC Investigator Behind $ 1.3 Billion XRP Lawsuit Resigns

The management of Arsenum Investments warned that investments in Bitcoin ETFs can have a high level of risk. Even if the OSC approves the launch of the Bitcoin ETF , there is no guarantee that it will be placed on the TSX. In 2020, the U.S. Securities and Exchange Commission (SEC) rejected all applications to launch a Bitcoin ETF. Therefore, many participants in the cryptocurrency industry hope that this year regulators will approve such applications more often.

However, analysts at JPMorgan bank believe that the launch of an Bitcoin ETF can have a bad impact on the price of BTC. But in the long run, such a product will have many advantages.

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Ammara
Ammarahttps://thecryptobasic.com/
I am the editor-in-chief of The Crypto Basic. Love to get involved in cryptocurrencies. I am in crypto since 2014. I like the way blockchain is progression, being adopted by large firms and in most parts of our lives. We are early adopters and followers of blockchain, and time will surely come when our success factor will be blockchain.

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