Bringing you live news and features since 2006 

CI Global Asset Management completes merger of CI Galaxy Bitcoin Fund into CI Galaxy Bitcoin ETF


CI Global Asset Management (CI GAM) has completed the merger of CI Galaxy Bitcoin Fund (BTCG), a closed-end investment fund, into CI Galaxy Bitcoin ETF (BTCX).

Unitholders of the Terminating Fund received units of the ETF US$ Series of the Continuing ETF (TSX: BTCX.U) based on the exchange ratio for each unit of the Terminating Fund held as at 7 May, 2021. No fractional units of the Continuing ETF, or cash in lieu thereof, were issued or paid pursuant to the merger. 

The merger took place on a taxable basis and would be considered a disposition for tax purposes. However, the Terminating Fund and the Continuing ETF did not pay distributions to unitholders as a result of the merger. Units of the Terminating Fund were delisted from the Toronto Stock Exchange at the close of business on 7 May, 2021.

CI GAM undertook the merger because it believes that the ETF structure offers increased liquidity through continuous distribution and the potential benefits of greater economies of scale. The Continuing ETF also has a management fee of 0.40 per cent – the lowest of any bitcoin ETF – and its management expense ratio (“MER”) has been capped at 0.95 per cent – the lowest published MER cap of any bitcoin ETF. The costs and expenses associated with the merger are being borne by CI GAM and not by the Fund or the ETF. The Terminating Fund and the Continuing ETF share the same investment mandate and portfolio management team at Galaxy Digital Capital Management LP.

The Continuing ETF also offers Canadian dollar unhedged units (BTCX.B). 

Latest News

Short and leveraged ETP issuer, Leverage Shares, has announced that the positive yields on its range of inverse products have..
Global X ETFs has announced the launch of four China-related funds on London Stock Exchange: The Global X China Electric..
Fineqia International Inc has announced that its subsidiary, Fineqia AG, has received approval of its base prospectus by the Liechtenstein..
F/m Investments has announced the launch of five new single-bond ETFs, completing the full suite of offerings within the US..

Related Articles

Vishal Kapoor, Bandhan Mutual Fund
ETF Express reported on a couple of ETF launches in India over the last couple of weeks, including the new...
ETF Awards
We are very pleased to bring you the winners in the 13th outing of the ETF Express European ETF Awards,...
Off the Record Episode 1
ETF Express is pleased to announce the launch of Off the Record, a new podcast series, in partnership with Truss...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by