Canada was first in the world to launch spot Bitcoin ETFs. Here's how each product compares and which one belongs in your portfolio.
In February 2021, Canada became the first country in the world to approve a spot Bitcoin ETF — the Purpose Bitcoin ETF (BTCC). This was years before the US launched spot Bitcoin ETFs in January 2024. As a result, Canada has a mature, competitive Bitcoin ETF market with multiple providers, lower fees, and broad brokerage availability.
Canadian Bitcoin ETFs hold actual Bitcoin (not futures), meaning they track the spot price closely without the contango drag that affected US futures-based products.
| ETF | Ticker | Issuer | MER | Currency | Launched |
|---|---|---|---|---|---|
| Purpose Bitcoin ETF | BTCC | Purpose Investments | 1.00% | CAD/USD | Feb 2021 |
| Evolve Bitcoin ETF | EBIT | Evolve ETFs | 0.75% | CAD/USD | Feb 2021 |
| CI Galaxy Bitcoin ETF | BTCX | CI Financial | 0.40% | CAD/USD | Mar 2021 |
| Fidelity Advantage Bitcoin ETF | FBTC | Fidelity Canada | 0.39% | CAD | Dec 2021 |
| 3iQ CoinShares Bitcoin ETF | BTCQ | 3iQ | 1.25% | CAD/USD | Mar 2021 |
Purpose BTCC was the world's first spot Bitcoin ETF and remains the largest by assets under management. It holds Bitcoin directly through a custodian, tracks spot price accurately, and is available in both CAD-hedged and unhedged versions. Its 1.00% MER is the highest of the major options — newer funds have driven costs down significantly.
Best for: Investors prioritizing liquidity and track record | Available at: All major Canadian brokerages
BTCX charges just 0.40% MER, making it one of the lowest-cost Bitcoin ETFs in Canada. It's backed by CI Financial (one of Canada's largest asset managers) and Galaxy Digital (a prominent crypto firm). The lower fee can compound to meaningful savings over a long holding period.
Best for: Cost-conscious long-term investors | Tickers: BTCX.B (CAD), BTCX.U (USD)
Fidelity is one of the world's most trusted investment managers. FBTC charges 0.39% MER — among the lowest in Canada — and benefits from Fidelity's institutional-grade Bitcoin custody capabilities. For investors who want maximum brand credibility alongside low costs, FBTC is hard to beat.
Best for: Investors who value institutional brand recognition
Evolve was one of the first-day launchers alongside Purpose in 2021. At 0.75% MER it sits between BTCC and the lower-cost options. Evolve also manages the Evolve Ether ETF (ETHR) for investors wanting Ethereum exposure through the same platform.
| Bitcoin ETF (BTCC etc.) | Direct Bitcoin (Newton etc.) | |
|---|---|---|
| Held in TFSA/RRSP | Yes | No |
| Annual management fee | 0.39–1.00% | None |
| Self-custody possible | No | Yes |
| Tax reporting complexity | Low (T3 slip) | High (manual ACB) |
| Tracks spot price | Very closely | Exactly |
| Available at bank brokerages | Yes | No |
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Get KOHO Free — Use Code 45ET55JSYACanada also offers Ethereum ETFs for investors wanting exposure to ETH without holding it directly. Key options include Purpose Ether ETF (ETHH), Evolve Ether ETF (ETHR), and CI Galaxy Ethereum ETF (ETHX). These work identically to Bitcoin ETFs and can also be held in TFSAs and RRSPs.
For Canadian investors who want Bitcoin exposure with minimal tax complexity, especially inside registered accounts like TFSAs, Bitcoin ETFs are the optimal vehicle. BTCX and FBTC offer the best combination of low fees and institutional credibility. BTCC remains the most liquid option with the longest track record.