Canada’s TMX Group Set To Launch Maiden Crypto Futures Product

After accounting behemoth, KPMG Canada, joined the list of institutional investors in cryptocurrency, another top Canada-based institutional investment firm, TMX, is set to join the bandwagon. The TMX Group is Canada’s biggest stock market operator and has announced plans to launch a maiden crypto ETP.

Details About This New Listing

This new listing will make TMX’s listed crypto futures product eighteen in number. While the previous 17 are listed on the Toronto stock exchange, this new one is planned to be launched on the Montreal exchange before the end of 2022.

In a short interview with Reuters, TMX’s CEO, John McKenzie, revealed that “there are now more institutional asset management firms with digital assets in their investment portfolio than this time last year.” he further said, “many investors have turned to this investment firms to minimize their exposure to these digital assets because of their huge price volatility.”

The CEO also stated that these new futures products wouldn’t bear any semblance with their other crypto ETPs and it would strictly be available to their top investors. But he didn’t state whether there are short- or long-term plans of making this offering available to small-scale investors.

According to the group’s Q4 2021 performance report, its Q4 2021 earnings were C$1.78/share compared to C$1.44 earnings/share for Q4 2020. Hence, its Q4 2021 dividend was C$0.83, an increase of 8% from the previous year. TMX’s offerings are a response to their customers’ continued interest in various crypto ETPs.

As widely reported in various media, accounting behemoth, KPMG Canada, joined the list of institutional investors in cryptocurrency yesterday following the announcement that it would include BTC and eth on its accounting balance sheet. A statement credited to a top Canada KPMG executive, Benjie Thomas, states that “the growing adoption of cryptos as an asset class won’t dwindle soon. Hence it is in the best interest of our clients to start helping them to gain exposure to it sooner than later.”

BTC Recovers And Climbs To A 4-Week Peak

After rising for a second successive period, BTC price spiked to a new 4-week peak. The rise was partly helped by some liquidations from traders exiting their trade positions over the last three months when the BTC market was on a downtrend. 

A Glassnode data revealed that the BTC bears created some selling pressure but weren’t enough to affect the dominant price trend. BTC rose to over $44.2K (hitting a 3-week peak) before a slight correction pushed it to its current price of $43.87K. BTC’s price has gained 36% after reaching a new 6-month low on January 23.

Bitbull Capital CEO (a crypto hedge fund management firm), Joe DiPasquale, stated that “the current spike is a response to the declining trade volumes, narrow price movement and intense selling pressure seen in the last few months.”  “It is not uncommon for a counterbalance of weight and squeeze positions whenever the market leans too heavy to the bull or bear side,” DiPasquale added.

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