BRR powered Bitcoin ETF from Evolve Funds wins Regulatory Approval in Canada

Evolve Funds Group Inc. has received regulatory approval from the Ontario Securities Commission ("OSC") to launch the Bitcoin ETF, one of the world's first open-ended bitcoin ETFs.

The Bitcoin ETF will be known by the ticker “EBIT”. The ETF will launch on the Toronto Stock Exchange (“TSX”) subject to TSX approval. EBIT is designed to provide investors with exposure to the world’s leading cryptocurrency, bitcoin, by investing directly in bitcoin and tracking the CME CF Bitcoin Reference Rate ("BRR") from CF Benchmarks. The Net Asset Value of the fund will be calculated using the BRR and hence the value at which shares in the fund are to be created and redeemed will be the BRR value on that day.

“The Bitcoin ETF is exciting news for investors,” said Raj Lala, President and CEO of Evolve ETFs. “Investors will be able to trade bitcoin on a regulated stock exchange. It will be as simple as buying shares through their bank or brokerage. Unlike the technical challenges of investing in bitcoin, units of EBIT will be safely transacted via a familiar brokerage investing platform. EBIT will provide daily liquidity, transparency and security for directly purchasing bitcoin through a regulated ETF structure.”

In reaction to the news Sui Chung, CEO of CF Benchmarks said: "The cryptocurrency market becomes more integrated with the traditional financial markets by the day. Evolve has developed a true first - giving investors an easy to understand product that is available through their existing brokers and advisors that gives ownership of bitcoin. By tracking the Bitcoin Reference Rate from CF Benchmarks, the ETF tracks the value of bitcoin." Looking ahead, Chung also remarked: "Now that the OSC has said that if a product is well constructed enough, the crypto market is sufficiently mature for products that can be accessed by all investors, the industry's attention inevitably turns south of the border to the US. Will the SEC finally decide that the time is right for a Bitcoin ETF?"

CF Benchmarks Ltd Index Data is used under license as a source of information for certain Evolve Funds Group Inc. products. CF Benchmarks Ltd and its agents have no other connection to Evolve Funds Group Inc. products and services and do not sponsor, endorse, recommend or promote any Evolve Funds Group Inc. products or services. CF Benchmarks and its agents have no obligation or liability in connection with the Evolve Funds Group Inc. products and services. CF Benchmarks and its agents do not guarantee the accuracy and/or the completeness of any index licensed to Evolve Funds Group inc. and shall not have any liability for any errors, omissions, or interruptions therein.