CI Bitcoin Fund will be available to retail investors in Canada in Series A, F and P units. Credit: Pierre Borthiry on Unsplash.

CI Global Asset Management (CI GAM), a unit of Canada’s CI Financial, has launched CI Bitcoin Fund, a mutual fund providing customers exposure to bitcoin.

The fund will allow investors to access the bitcoin market at a management fee of 0.40% (Series F) and with an initial minimum investment of $500.

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At present, CI is said to be the only firm offering investors access to bitcoin in both mutual fund and ETF structures.

CI Financial CEO Kurt MacAlpine said: “CI Bitcoin Fund provides another convenient, secure and cost-effective option for Canadian investors to add bitcoin to their portfolios.

“As investor interest in digital assets continues to grow, it was a natural next step for CI to extend our bitcoin investment capabilities to a mutual fund platform, in addition to the CI Galaxy Bitcoin ETF.”

CI Bitcoin Fund will offer investors exposure to bitcoin via an institutional-quality fund platform.

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The fund will be available to retail investors in Canada in Series A, F and P units, with Series A carrying a management fee of 0.90% and Series F 0.40%.

“In offering a broad suite of crypto products, we are truly democratising access to bitcoin and other digital assets,” said MacAlpine.

CI’s bitcoin fund will invest all or substantially all of its assets in the CI Galaxy Bitcoin ETF (BTCX) which invests directly in bitcoin.

CI GAM’s digital asset lineup

The digital asset lineup of CI GAM also includes CI Galaxy Bitcoin Fund, a closed-end investment fund introduced by the company last December.

The company said it is planning to merge CI Galaxy Bitcoin Fund into BTCX.

In addition, CI GAM has also secured receipts for the preliminary prospectuses of CI Galaxy Ethereum ETF and a mutual fund, dubbed CI Ether Fund.

The Ether ETF will invest directly in Ether, the cryptocurrency built on the Ethereum blockchain, while CI Ether Fund will invest in units of the Ether ETF.