CI Global Asset Management has started trading on the Toronto Stock Exchange in Canada. The fund’s initial public offering brought in $ 72 million and its shares were traded in both US and Canadian dollars.
CI Global Fund starts trading
CI Global Asset Management has announced it that it has completed the CI Galaxy Bitcoin Fund’s first public offering. According to the press release, $ 72 million was withdrawn from the listing.
Initially, the fund had different classes, such as class A, class C, and class F. But regardless of their class, each unit of stock sold for $ 10. But when the offers closed, classes C and F had collapsed into class A stock.
With trading commencing today, all stocks have been listed for trading on the Toronto Stock Exchange (TSX). Investors can trade the shares against both the US dollar and the Canadian dollar. BTCG.U and BTCG.UN are the tickets for the trade.
The announcement went on to reveal that the fund would be an investment option that would allow holders to invest in bitcoin through an institutionally backed fund platform.
The fund’s bitcoin would be stored in a cold storage system, the preferred method of protection provided by some of the leading protocols in the crypto space.
Galaxy Digital acts as sub-advisor to the fund
A leading crypto firm that has made a name for itself as a middleman between the crypto industry and corporate institutions, Galaxy Digital, would act as the sub-advisor to CI’s new bitcoin fund.
As a sub-consultant Galaxy Digital would have the right to transact in the market on behalf of the Fund. The press release further stated that the fund would invest directly in bitcoin. While the fund’s bitcoin holdings will be priced using the Bloomberg Galaxy Bitcoin index tool.
CEO, Kurt MacAlpine, the CEO of CI Galaxy Bitcoin Fund, parent company CI Financial Corp., said the fund would give investors the advantage of having to choose from a range of quality investment options.
In his words the fund would be:
“To provide investors with the benefits of a wide choice of high quality alternative investment options.”
Bitwise is getting off to a strong start in the United States
A recently launched crypto fund in the United States, Bitwise, has had one of the strongest starts in the history of cryptocurrency-based funds in the country. According to reports, the crypto fund was able to register $ 67 million of its traded shares within the first 72 hours of its rise.
However, the Bitwise fund is currently functioning as a trust as it has yet to get the express approval of the US financial authorities, the Securities and Exchange Commission (SEC).
What do you think about trading bitcoin funds on TSX? Let us know what you think about this topic in the comments below.
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