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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.

“Historically it has been difficult to gain exposure to bitcoin,” says Raj Lala, President and CEO, Evolve ETFs. “EBIT aims to provide Canadian investors with a simple and effective way to access the price of bitcoin. Typically viewed as a non-correlated asset, bitcoin is gathering institutional interest and being viewed as an alternative to traditional investments, such as gold and a potential hedge against inflation.”

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.

“The investment process is paramount when investing in bitcoin,” says Elliot Johnson, Chief Investment Officer and Chief Operating Officer, Evolve ETFs. “This ETF will utilize the professional and transactional cryptocurrency expertise of world-class custodians, counterparties and vendors to ensure investor confidence in their bitcoin investment.”

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