Bitcoin (BTC) exchange-traded funds (ETFs) continue to multiply equally a new entrant hits the Canadian marketplace on March 9.

In a press release on Monday, Milky way Digital Capital Management, a subsidiary of financial services and investment management visitor Galaxy Digital, confirmed that the CI Milky way Bitcoin ETF would likely kickoff trading this week.

Purpose ETF gets a major competitor

The launch volition run into Milky way bring together the TSX Purpose Bitcoin ETF as one of the pioneering ETF products in N America, with United States regulators notwithstanding to approve a single application.

Equally Cointelegraph reported, Purpose has seen huge involvement and associated volumes since its ETF went live terminal month, effectually the same time that Galaxy filed with regulators.

"We believe the emerging digital asset form presents compelling growth and diversification opportunities," Steve Kurz, partner and head of asset management at GDAM — which will provide executive trading for the Galaxy product — commented in the press release.

"The CI Milky way Bitcoin ETF offers a simple and secure access betoken for traditional investors to gain exposure to bitcoin."

GBTC negative premium rebounds from record

Institutional demand for Bitcoin exposure has been unfazed by cost volatility and negative press, with a contempo survey from Goldman Sachs showing that twoscore% of clients are already involved.

The ETF nail is meanwhile providing new competition for alternative market offerings, notably the Grayscale Bitcoin Trust, which continues to trade at a discount of around ii% to its net asset value.

GBTC premium nautical chart. Source: Bybt

Last week, the trust'south shares traded at a record discount of 13%, with new entrants currently not permitted to buy as a result of Grayscale's periodic closure schedule. Analysts noted that if historical behavior repeats itself, the negative premium may foretell the next phase of the Bitcoin toll bull run.

GBTC buyers are required to pay a two% management fee, higher than the newcomer ETFs.

"I believe our ETF stands out based on its highly competitive toll point and CI and Galaxy'southward extensive capabilities and track record in managing alternative investments and digital assets," Kurt MacAlpine, CEO of CI Financial — which volition run the ETF — added about market fit.