Evolve Funds Launches Canada’s First Multi-Crypto ETF (2024)

FAQs

What was the first crypto ETF in Canada? ›

Toronto, February 20, 2023 – Three years ago Sunday, Purpose Investments Inc. (“Purpose”) made history by launching the Purpose Bitcoin ETF (TSX: BTCC), the world's first Bitcoin ETF backed by physically settled Bitcoin.

The U.S. Securities and Exchange Commission on Wednesday approved the first U.S. spot bitcoin exchange-traded funds. But experts urge caution before piling into the long-awaited ETFs. The agency signed off on 11 bitcoin ETF applications, including funds from BlackRock , Fidelity, Ark Invest, WisdomTree and Grayscale.

The Bottom Line. The first ETF was launched in Canada in 1990, which paved the way for the introduction of the first U.S. ETF, the SPDR S&P 500 ETF Trust, in 1993.

Baird & Co., told Bloomberg in mid-2021 after the launch of Canada's first pure-play Bitcoin ETFs for trade on the TSX. These Canadian cryptocurrency ETFs allow investors to place returns in tax-sheltered accounts like tax-free savings accounts or registered retirement savings plans.

Spot-bitcoin ETFs have been available in Canada since 2021 and as a result, there are several options for Canadians to invest in. Tapscott said there are about 20 different Canadian ETFs on the market, each with varying fees and levels of attractiveness.

Last, but certainly not least, is XIU, the largest and oldest ETF in Canada. This ETF originally started trading in 1990, making it the first ETF in the world. It tracks the eponymous S&P/TSX 60 index, which unlike the Capped Composite does not hold small caps and is largely dominated by large-cap stocks.

All, that is, except the second-biggest private investment management fund on the planet, Vanguard Group. The firm has made clear, most recently in a Jan. 24 message to its clients, that it has no plans to offer a bitcoin exchange-traded fund (ETF) or any other cryptocurrency-related products.

Is it better to invest in crypto ETF? ›

Advantages of Crypto ETFs

Simplicity: For most investors, buying shares in an ETF is far simpler than buying and holding crypto directly. To invest in crypto directly, you need to create a wallet, find an exchange to use, connect it with your bank account, and use the crypto exchange to buy and sell cryptocurrency.

Spot Cryptocurrency ETFs

Spot crypto ETFs are funds that buy cryptocurrencies and securitize them. Investors buy and sell shares as needed, just like a traditional ETF. In a spot crypto ETF, the fund can issue and redeem shares, offering retail and other investors a stake in the crypto market.

Key Points

There are several benefits to owning the actual Bitcoin by purchasing through a cryptocurrency exchange. In some situations, the ETFs offer investors all they need. The decision between the two will come down to personal preference and technological savvy.

The SEC has previously rejected all spot bitcoin ETF proposals over fears of market manipulation. Accounts on X, like accounts on other social media platforms, are sometimes hijacked by stealing passwords or tricking targets into giving up their login credentials.

Coinbase becomes first international crypto exchange registered in Canada. Coinbase has announced its registration as a Restricted Dealer by the Canadian Securities Administrators (CSA).

Spot-bitcoin ETFs have been available in Canada since 2021 and as a result, there are several options for Canadians to invest in. Tapscott said there are about 20 different Canadian ETFs on the market, each with varying fees and levels of attractiveness.

In Canada, investors have had access to both spot bitcoin and spot ether ETFs since February 2021, and since then the country's global market share in spot crypto ETFs has grown to 46%, according to CoinGecko.

When was SPY created? SPY was created on January 22, 1993. It was the first US ETF to be listed on a national stock exchange, and it remains the most widely traded ETF in the world.