In a press release dated 14. Horizons ETFs Management confirmed in April that two of its new exchange-traded funds (ETFs) will begin trading on the Toronto Stock Exchange on Thursday.
Horizons: Bitcoin has polarized views
Canada is already a pioneer in regulated institutional investment in bitcoin and has just launched the first fund that aims to drive down the price of bitcoin rather than make a profit.
The fund, known as the BetaPro Inverse Bitcoin ETF (BITI), allows investors to short bitcoin futures. But rather than a sign of bearish sentiment, executives describe the proposal as a way to cushion episodes of price volatility.
Its sister ETF, the BetaPro Bitcoin ETF (HBIT), will operate in a more traditional manner and add short selling opportunities.
We know there are polarized opinions about bitcoin, and as a result, there are investors with a high degree of conviction in both the bullish and bearish cases for the asset class, Steve Hawkins, president and CEO of Horizons ETFs, said in a statement.
With the launch of HBIT and BITI, we aim to provide investors with investment tools that give them liquid access to bitcoin futures returns, with the ability to go long or short in the asset class, depending on their perspective and beliefs.
ETF sees strong demand
The move comes as bitcoin crosses new all-time highs near $65,000 and institutional interest rises in tandem.
Open interest in bitcoin futures reached a new all-time high this week, missing $25 billion on the Nasdaq-listed exchange Coinbase.
Bitcoin Futures, chart global open interest. Source: Crouch.
However, Grayscale’s Bitcoin Trust (GBTC) continued to produce a negative premium per share to spot prices and was trading at a discount of about 14.3% on Thursday.
US regulators have yet to approve any bitcoin ETFs, giving Canada a distinct advantage even though the market belongs to a neighboring country.
The ETF bitcoin trust fund, which became the first in the country to get the green light earlier this year, now has C$1.4 billion (US$1.12 billion) in assets under management.
However, as Mr Montelegraaf noted, indirect exposure to ETFs in the US is still possible.
Asset Assignment Bitcoin ETF under management vs BTC/USD Chart. Source: Bybt
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