There has been a new prospectus for a Bitcoin ETF Application, which has already been deposited at the Ontario Securities Commission. Arxnovum Investments were among the first to fill in the documents for the Bitcoin ETF last Monday. This ETF will find itself listed in the TSX as BIT.U. This ETF is simply the brainchild of Shaun Cumby, the CEO of Arxnovum Investments. Previously Cumby was the CIO of 3iq Corp which is a manager of digital assets based in Canada. This company was quite instrumental in launching the Bitcoin Fund. And that has now been considered to be the first regulated bitcoin fund.
Why Is Gemini Trust Company A Sub-Custodian of Bitcoin ETF?
Interestingly, Gemini Trust company, a New York-based branch would be the sub-custodian of this Bitcoin ETF. The position of the sub-custodian has always been given to a trusted company that is qualified enough to protect the assets of the product beyond Canada.
This prospectus mentions that the Bitcoin ETF would be providing the investors with the correct exposure to bitcoin- whilst informing them of the price movements taking place in the US economy. Special mention would be allotted to the US Dollar price of Bitcoin, for those who would be investing in bitcoin futures contracts. This could also be used as a derivative instrument which would be providing mass exposure to bitcoin through the economic policies.
The Bitcoin ETF might also find itself trading in bitcoin futures which have already been numbered on the Chicago Mercantile Exchange. This, along with other commodity futures exchanges as part of the US CFTC Commodity Futures would really amplify the potential of this cryptocurrency.
The Bitcoin ETF under Arxnovum might also be able to contain cash equivalents, cash, and other securities of a fixed-income nature.
