Gemini to Support New Bitcoin ETF Application in Canada

According to Coindesk, a prospectus for a new Bitcoin exchange-traded fund (ETF) has been submitted to the Ontario Securities Commission of Canada.

On Monday, Arxnovum Investments Inc filed documents for the "Arxnovum Bitcoin ETF". The ETF plans to be listed on the Toronto Stock Exchange (TSX) under the symbol "BIT.U". Arxnovum Investments CEO Shaun Cumby previously served as CIO of 3iq. Gemini Trust company will be the sub-custodian of the Bitcoin held by the ETF.

A subcustodian is a trusted company that is qualified to custody product assets held outside of Canada. According to the prospectus, the proposed Bitcoin ETF will provide investors with exposure to Bitcoin and the daily fluctuations of the Bitcoin U.S. dollar price by investing in Bitcoin or Bitcoin futures contracts, as well as other derivative instruments that provide exposure to the Bitcoin economy.