Evolve Funds Group Inc., a Toronto-based investment firm, has taken a significant step towards making cryptocurrency investing more accessible to Canadian investors. The company has filed a preliminary prospectus for the Evolve Cryptocurrencies ETF, which will allow investors to gain indirect exposure to certain cryptocurrencies.
The fund's portfolio will be composed of two existing Evolve crypto funds: Bitcoin ETF and Ether ETF. These funds have combined assets of over $160 million and provide exposure to the daily price movements of Bitcoin and Ether in U.S.-dollar terms, respectively.
According to Raj Lala, president and CEO of Evolve ETFs, the new fund will offer a 'turnkey solution' for cryptocurrency investing. This means that once the fund is launched, it can potentially include other cryptocurrency ETFs at the manager's discretion.