The Canadian financial company Evolve has chosen Coinbase to serve as the sub-custodian for all digital assets connected to their $148 million digital asset ETF, which is listed and traded on the Toronto Stock Exchange.
As of February 22, 2023, Coinbase will serve as the sub-custodian for all digital assets. Investors can access digital assets through the Bitcoin ETF, Ether ETF, and Evolve Cryptocurrencies ETF provided by Evolve, which trades on the TSX under the ticker codes EBIT, ETHR, and ETC, respectively.
These ETFs provide investors with exposure to daily changes in the price of Bitcoin and Ether in US dollars by utilizing the advantages of the exchange-traded fund structure's formation and redemption processes. Individually, these ETFs represent assets worth about $148 million.
No adjustments have been made to the investing goals or approaches of these ETFs despite the sub-custodian appointment. With over $100 billion in assets, 108 million verified users, and 245,000 ecosystem partners dispersed across more than 100 countries, Coinbase is one of the top platforms for digital assets. Users can earn, spend, save, invest, and use cryptocurrencies on the platform safely.
This move is aimed at providing secure investment solutions to investors wanting exposure to the daily price changes of Bitcoin and Ether.
Evolve Funds Group Inc. ("Evolve") was said to have announced the introduction of the Bitcoin ETF ("EBIT") in February 2021. The initial unit offering of EBIT had ended, and the company would subsequently start trading on the Toronto Stock Exchange ("TSX") under the ticker symbol "EBIT."
