Tuesday, October 26, 2021
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

- Advertisement -

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.

- Advertisement -
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Ammara authored more than 1,000 stories for TheCryptoBasic, CryptoComes and other fintech media outlets. She is particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Good Games Guild Announces Triple IDO on Seedify, Ignition, MoonStarter

Jakarta, Indonesia, 24th October, 2021, Good Games Guild, a gaming hub that aims to create the largest virtual world economy by optimizing its owned...

YearnNFT Finance: An Advanced Approach to NFTs with Digital Art and Collectibles

Since August, the market sales with respect to NFTs have skyrocketed, where a single NFT sales round up to millions worth. There have been...

The Bank Of Israel Aims To Launch Its CBDC On Ethereum

For now, central banks around the world are still working on developing and testing their own CBDCs, but there are new ones that are...

Russian Central Bank Head Says Russia Is Not Ready To Launch Crypto ETFs

The head of the Bank of Russia, Elvira Nabiullina gave a negative answer to the question about the possibility of trading cryptocurrency ETFs in...

Spanish Banks Anxiously Waiting For Central Bank Approval To Work With Cryptocurrencies

Spanish banks are interested in providing cryptocurrency services directly to clients and expect the Spanish Central Bank will bring regulatory clarity for crypto.

Reddit Intend To Bring Its Non Fungible Token (NFT) Platform

Reddit is looking to hire people for what could become a new platform for non-fungible tokens (NFTs) and digital goods. ...

Second Bitcoin ETF, Valkyrie Bitcoin Strategy ETF (BTF) Started Trading On Nasdaq

On the Nasdaq Stock Exchange under the ticker BTF, a Bitcoin futures ETF from Valkyrie Investments began trading at a price of $25.5.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.