A Canadian investment fund manager, Arxnovum Investments, has submitted a prospectus for a new Bitcoin Trading Fund (BTC), or ETF, in Canada.

On Monday, the company filed a package of initial documents for the Arxnovum bitcoin ETF with the Canadian Securities Commission in Ontario.

According to the Initial Development Prospectus, Arxnovum plans to list Bitcoin’s new ETF on the Toronto Stock Exchange. Entry is subject to TSX approval according to the original entry requirements. Arksnovum noted, “TSX has not conditionally approved the listing application for the Bitcoin ETF, and there is no guarantee that TSX will agree to the listing request.”

The company said Arxnovum’s Bitcoin ETFs will trade in TSX against the US dollar. The ETFs will include bitcoin and / or bitcoin futures and / or other derivatives. The company said the new Bitcoin ETF may also contain cash, cash equivalents, and / or other fixed-income securities.

According to the Bitcoin ETF Prospectus prospect, Arxnovum will be backed by Gemini Crypto Exchange and Depository, which will act as subsidiary asset manager outside of Canada:

“The Gemini Trust Company is the custodian of Bitcoin ETFs held in Bitcoin ETFs. A sub-depository is a trust company authorized by the New York State Department of Financial Services and authorized to operate as a sub-depository of the Bitcoin ETF for assets outside of Canada under NI 81-102.”
Arxnovum CEO Sean Campi previously held a leading position in 3iq, the company that listed the first Canada-listed bitcoin fund in 2020. As Cointelegraph previously reported, Gemini has also provided cryptocurrency services for the QBTC.U 3iq fund.

The Bitcoin ETF has been one of the most anticipated developments in the crypto community in recent years. Back in 2018, the US Securities and Exchange Commission rejected a second request from the Winklevoss twin for a Bitcoin ETF.

According to a report by JPMorgan Chase in January, launching the Bitcoin ETF could hurt Bitcoin’s price. On January 13, Cointelegraph reported that VanEck, the first company to apply for the Bitcoin ETF, was now facing lawsuits from its former partner SolidX.

Source: CoinTelegraph

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