New Bitcoin Fund Starts Trading on TSX

New Bitcoin Fund Starts Trading on TSX – Trustnodes

The Toronto Stock Exchange (TMX/TSX) has listed the CI Galaxy Bitcoin Fund by CI Global Asset Management and Galaxy Digital Capital Management.

The fund has just began trading yesterday under the ticker of BTCG.U for the BTC/USD pair and BTCG.UN for BTC/CAD.

The dollar pair rose by about 19%, up from $10 per share to $11.89 with more than $2 million exchanging hands on its first day.

The cad pair also handled about $2 million in volumes with it rising by some 17% on its first day of trading.

BTCG.U first day of trading, Dec 2020

“In launching CI Galaxy Bitcoin Fund, we are offering Canadian investors a simple way to access an important emergent asset class and easily integrate it into their portfolio and investment planning,” said Kurt MacAlpine, Chief Executive Officer of CI Financial Corp.

Galaxy Digital is the fund’s sub-advisor with Mike Novogratz, its CEO, stating on Thursday:

“CI Galaxy Bitcoin Fund offers investors a simplified path to gain exposure to bitcoin. We are grateful that Canada’s progressive nature as a jurisdiction allows CI Galaxy Bitcoin Fund to come forward at this critical time.”

Canada allowed the listing of a bitcoin ETF this summer, which was followed by an ethereum ETF just this month.

They are now joined by this new bitcoin fund which raised $75 million at $10 per share, with those initial investors now in green on their first day of trading.

Some 35 million shares are on offer, bringing its market cap to about half a billion currently, with this fund allowing investors to access the new digital gold in a stock form.