Arxnovum Completed Filing for New Bitcoin ETF With Canadian Securities Regulators

By Katelyn James | January 19, 2021

Canada-based investment fund managing entity Arxnovum Investments has reportedly finalized submission for a filing, regarding a prospectus for a new local Bitcoin (BTC) exchange-traded fund (ETF). 

Specifically, on January 11th, the firm reportedly completed submission for a stack of preliminary papers, dedicated to the Arxnovum Bitcoin ETF with Canada’s Ontario Securities Commission.

As outlined in a preliminary long-form prospectus, Arxnovum is reportedly looking to initiate listing for its new Bitcoin ETF across the Toronto Stock Exchange. 

The listing is reportedly pending confirmation from the TSX, in line with  its original listing requirements.

“The TSX has not conditionally approved the listing application of the Bitcoin ETF and there is no assurance that the TSX will approve the listing application,” Arxnovum further remarked. 

The firm further revealed that units of the Arxnovum Bitcoin ETF will reportedly be available for trading on TSX against the U.S. dollar. Facilitating features will also be rolled out for Bitcoin and/or Bitcoin futures contracts and/or other derivatives instruments.

The new Bitcoin ETF could potentially hold cash, cash equivalents and/or other fixed-income securities, per the firm. 

As insights inferred from the prospectus, the Arxnovum Bitcoin ETF will reportedly be supported by crypto exchange platforms and custody entity Gemini, which will take up the role of a sub-custodian for assets in possession off the territory of Canada. 

“Gemini Trust Company is the sub-custodian of the bitcoin held by the Bitcoin ETF. The SubCustodian is a trust company licensed by the New York State Department of Financial Services and is qualified to act as a sub-custodian of the Bitcoin ETF for assets held outside of Canada in accordance with NI 81-102.”

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