NYDIG applies for Bitcoin ETF, approval in Canada and $600 million senior notes Microstrategy

2 min readFeb 17, 2021
Photo by Eftakher Alam on Unsplash

NYDIG Files For Bitcoin ETF Approval

Bitcoin-focused financial services firm New York Digital Investment Group (NYDIG) filed for approval to offer a bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) yesterday.

An ETF is seen as one of the easiest ways of bringing bitcoin exposure to the masses, as it would be accessible through the stock market and legacy brokerage accounts.

Currently, with no approved ETF on the market, retail investors using legacy brokerage accounts are constrained to bitcoin trusts like Grayscale’s GBTC. Investment in bitcoin-focused companies is also a route to indirect bitcoin exposure, but an ETF would offer direct exposure to BTC without the need to pay trust premiums or invest in third-party companies.


Microstrategy Wants To Raise $600 Million To Buy Bitcoin

Yesterday, Microstrategy announced that it intends to offer $600 million aggregate principal amount of convertible senior notes in a private offering. They intend to use the net proceeds from the sale of the notes to acquire additional bitcoins.

They significantly exceeded its previous likewise offer, initially starting with $400 million, but ended up with buying $650 million worth of bitcoin.

Likewise this time they’re offering an option, which may bring the total to about $700 million, something that would make Microstrategy the biggest corporate holder of bitcoin by the initial amount invested.

Approval To Second Bitcoin ETF Canada

The Ontario Securities Commission has approved a bitcoin exchange-traded fund (ETF) just days after the regulator greenlit a similar product.

A receipt dated February 16 grants the Evolve Bitcoin ETF final approval for its prospectus and paves the way for a listing on the Toronto Stock Exchange (TSX). Cidel Trust Company, a subsidiary of Cidel Bank Canada, is the fund’s custodian. Gemini is serving as sub-custodian.

Evolve followed a similar path to the first-approved Purpose Bitcoin ETF. Purpose also utilized Cidel and Gemini as custodians, and received conditional approval to trade on TSX. As with Purpose’s ETF, EY serves as the auditor.

Once listed, Evolve ETF will trade alongside other bitcoin products, including The Bitcoin Fund, a closed-end fund that first listed in April 2020. Other prospectuses on SEDAR, the regulator’s filing database, hint at the possibility for other bitcoin-centric ETFs to receive approval.

Source: The Block

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