Evolve Funds Group Inc has received approval to list its Bitcoin ETF. The new assets will be traded under the codes “EBIT” and “EBIT.U”, providing the possibility of direct contact with BTC. It is North America’s second Bitcoin (BTC) ETF to receive approval, making it easier for institutional investors to access digital assets.
Less than three weeks after submitting the preliminary prospectus to a Bitcoin ETF, Evolve Funds Group Inc announced Tuesday that their fund has been approved by the Ontario Securities and Exchange Commission, or the OSC.
EBIT’s intention to participate in bitcoin will be through being passive. The fund’s holdings, for example, limit management and lead to the hedging failure to function. Furthermore, short-term changes in bitcoin’s price will not be speculated by the Fund.