CI Global Asset Management (CI GAM) announced has filed and obtained a receipt for a preliminary prospectus for CI Galaxy Bitcoin ETF (BTCX).
BTCX is designed to provide investors with a convenient way to gain exposure to bitcoin through an institutional-quality fund platform. Reflecting CI GAM’s leadership in this emerging asset class, CI GAM also offers the CI Galaxy Bitcoin Fund (TSX: BTCG), a closed-end fund that began trading on the TSX in December 2020.
CI GAM will be the manager of the ETF and Galaxy Digital Capital Management LP (“Galaxy Digital”) will act as the bitcoin sub-advisor for the ETF. As sub-advisor, Galaxy Digital will execute bitcoin trading on behalf of the ETF. Galaxy Digital is a diversified asset firm dedicated to the digital asset and blockchain technology sector. The team has extensive experience spanning portfolio management, capital markets, operations and blockchain technology.
“We are excited to build on our existing relationship with Galaxy which we believe has the deepest global expertise in the cryptocurrency market,” says Kurt MacAlpine, CEO of CI Financial, the parent company of CI GAM.
BTCX will invest directly in bitcoin with its holdings of bitcoin priced using the Bloomberg Galaxy Bitcoin Index (the “BTC”), which is designed to measure the performance of a single bitcoin traded in US dollars. The BTC is owned and administered by Bloomberg Index Services Ltd.
A preliminary prospectus dated 16 February, 2021 containing important information relating to the ETF has been filed with the securities commissions or similar authorities in each of the provinces and territories of Canada. The preliminary prospectus is still subject to completion or amendment. A copy of the preliminary prospectus is available on www.sedar.com. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.