While the US Securities and Exchange Commission has yet to approve any crypto-related ETF, its neighbor Canada continues to adopt more and more different types and forms of crypto ETFs.

Recently, Canadian Evolve Funds Group has taken all necessary steps to launch crypto-related ETFs.

On Wednesday, September 29, Evolve announced the launch of the country’s first multi-crypto ETF.

The idea is to diversify exposure to other cryptocurrencies rather than having a special ETF focused on a single cryptocurrency.

It is called the new fund “Evolve Cryptocurrencies ETF”, and it is a fund that tracks the market capitalization of both Bitcoin and Ethereum.

The fund owns 68% of its holdings in Bitcoin and the rest, or 32%, in Ethereum.

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This new multi-currency ETF will be valued based on Bitcoin and Ethereum, by owning shares of ETFs operated by the same company:

• The Bitcoin ETF (EBIT) is developing.
• The Ether ETF (ETHR) is developing.

This multi-currency fund will have no management fee, but the underlying ETFs charge a 0.75% management fee.

The shares of “Evolve Cryptocurrencies ETF” began trading on the Toronto Stock Exchange (TSX) under the ticker symbol “ETC”.

Speaking to Wealth Professional, Evolve President and CEO Raj Lala praised the Ontario Securities Commission for being ahead of the curve when it comes to approving crypto derivatives products.

He added:

Many investors want to invest in cryptocurrency.

They are not quite sure of the right place and destination, or they may also want to learn about the rapidly growing cryptocurrency.

It can be said that they are looking for more ready-made solutions to participate in the cryptocurrency market.

US Still Looking for Approval for Bitcoin ETF:

Canada is leading the developments in North America when it comes to the approval of cryptocurrency ETF products in the market.

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To be sure, the US Securities and Exchange Commission has been a fearful watchdog all this time.

Mike McGlone, chief commodity strategist at Bloomberg Intelligence, told Bloomberg that he was bullish on the SEC’s approval of the Bitcoin ETF.

Interestingly, McGlone believes that the first Bitcoin ETF in the US could come as soon as next month.

In an interview with “Stansberry Research” last week, stated McGlone:

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There is still a high probability that the US will follow Canada, perhaps with a futures-based Bitcoin ETF.

There are now over 30 Bitcoin ETF applications, and the fact that funds are migrating from the US – from Cathy Wood and Arke – towards Canada, the pressure is very strong and high on US regulators to say:

Well, we’re kind of missing here and we need to do this.

There are currently more than 30 Bitcoin ETFs pending with the SEC awaiting consideration and a decision to accept or reject.

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