BTCX.B: What It Is and How It Works
The CI Galaxy Bitcoin ETF (BTCX.B) is a physically-backed Bitcoin ETF managed by CI Global Asset Management in partnership with Galaxy Digital. It holds actual spot Bitcoin — no futures — and trades on the Toronto Stock Exchange in Canadian dollars.
BTCX.B (the "B" share class) is currency-hedged: CI actively manages the CAD/USD exchange rate exposure so that your returns track Bitcoin price, not Bitcoin price minus currency fluctuation. There is also BTCX (unhedged) for investors who want CAD/USD exposure as part of their position.
Bitcoin is custodied by Coinbase Custody Trust Company, the institutional arm of Coinbase and a regulated, qualified custodian. Galaxy Digital provides Bitcoin market strategy and expertise.
| Detail | Value |
|---|---|
| Full Name | CI Galaxy Bitcoin ETF |
| Ticker | BTCX.B (CAD hedged), BTCX (unhedged) |
| Issuer | CI Global Asset Management + Galaxy Digital |
| Custodian | Coinbase Custody Trust Company |
| Structure | Physically-backed (spot Bitcoin) |
| MER | ~0.40% per year |
| Currency | Canadian dollars (CAD), hedged |
| Exchange | Toronto Stock Exchange (TSX) |
| TFSA/RRSP/FHSA Eligible | Yes — all three |
| Inception | March 2021 |
TFSA, RRSP, and FHSA Eligibility
BTCX.B is listed on the Toronto Stock Exchange, a designated stock exchange under Canada's Income Tax Act. This makes it eligible for all registered accounts:
- TFSA (Tax-Free Savings Account) — gains are completely tax-free, no matter how large
- RRSP (Registered Retirement Savings Plan) — contributions are tax-deductible; growth is tax-deferred until withdrawal
- FHSA (First Home Savings Account) — contributions deductible; first home withdrawals are tax-free
- RRIF, RESP, RDSP — eligible in all standard registered plans
Direct Bitcoin bought on Wealthsimple Crypto or a Canadian exchange cannot be held in any registered account. The TFSA shelter alone makes ETFs the right tool for most Canadians with available TFSA room.
BTCX.B Pros and Cons for Canadian Investors
- Near-lowest MER of Canadian Bitcoin ETFs (~0.40%)
- Currency-hedged (BTCX.B) removes CAD/USD noise from returns
- Galaxy Digital's Bitcoin expertise behind the strategy
- Eligible for TFSA, RRSP, FHSA, and all registered accounts
- Longer track record than FBTC — launched March 2021
- Coinbase Custody — regulated, institutional-grade custodian
- Available on WealthSimple and all major Canadian brokerages
- 0.40% MER compounds against your position every year
- Currency hedging adds cost and basis tracking complexity
- You own fund shares, not Bitcoin itself — no self-custody option
- Counterparty risk: Coinbase Custody, CI, Galaxy Digital
- Premium/discount risk on NAV in volatile markets
- Marginally higher MER than FBTC (0.40% vs 0.39%)
The 0.01% MER difference between BTCX.B (0.40%) and FBTC (0.39%) is negligible — roughly $10/year on a $100,000 position. The more meaningful comparison point is custodian preference (Coinbase vs Fidelity Digital Assets) and fund manager (CI/Galaxy vs Fidelity Canada).
How to Buy BTCX.B Through WealthSimple
BTCX.B is available on WealthSimple Trade in both TFSA and RRSP accounts. Note: search for "BTCX.B" specifically — the ".B" suffix is the hedged share class, which most Canadians will prefer.
Open or log into WealthSimple
WealthSimple Trade offers commission-free trades on Canadian ETFs. TFSA and RRSP accounts are both available.
Select your registered account
Navigate to your TFSA or RRSP. For most Canadians with available contribution room, TFSA is the first priority for Bitcoin ETF allocation.
Search "BTCX.B"
Use the search bar and type "BTCX.B" to find the CI Galaxy Bitcoin ETF hedged share class. Verify it shows the TSX-listed CAD fund.
Place your order
Enter your desired dollar amount or share count. BTCX.B trades during TSX market hours (9:30 AM – 4:00 PM ET). Market and limit orders are both available.
Consider a recurring purchase
WealthSimple's auto-invest feature lets you DCA into BTCX.B monthly. This removes timing decisions and automatically builds your position over time.
Ready to buy BTCX.B?
Commission-free trades on Canadian ETFs. TFSA and RRSP available.
Open WealthSimple →BTCX.B vs Other Canadian Bitcoin ETFs
| ETF | Ticker | MER | Custodian | Inception | Verdict |
|---|---|---|---|---|---|
| Fidelity Advantage | FBTC | ~0.39% | Fidelity Digital Assets | Dec 2023 | Marginally cheaper |
| CI Galaxy | BTCX.B | ~0.40% | Coinbase Custody | Mar 2021 | Longest track record |
| Evolve Bitcoin | EBIT | ~0.75% | Gemini / EY-enforced | Feb 2021 | Higher cost |
| Purpose Bitcoin | BTCC | 1.50% | Gemini | Feb 2021 | Hard to justify |
BTCX.B's 0.40% MER is effectively identical to FBTC's 0.39% — a $10/year difference on $100,000. The meaningful differentiator is track record: BTCX launched in March 2021 and has three-plus years of live data through a complete Bitcoin cycle, while FBTC launched in late 2023 and has yet to navigate a major downturn. For investors who value that history, BTCX.B is the more seasoned product.
Get the Free ETF Comparison Guide
FBTC vs BTCX.B vs EBIT — which is right for your TFSA or RRSP? We break it down with real numbers based on your account type and time horizon.
Ready to buy BTCX.B? Open your WealthSimple account — commission-free trades on Canadian ETFs.
Open WealthSimple →Frequently Asked Questions
What is the MER for BTCX.B?
BTCX.B has a management expense ratio of approximately 0.40% per year. This is silently deducted from fund assets and reduces your effective Bitcoin position over time — you won't see a fee on your account statement, but the drag compounds annually.
What is the difference between BTCX and BTCX.B?
BTCX (no suffix) is the unhedged share class — your returns include both Bitcoin price movement and CAD/USD exchange rate fluctuation. BTCX.B is currency-hedged: CI manages the exchange rate exposure so your return tracks Bitcoin price alone in Canadian dollars. Most Canadian investors prefer BTCX.B to remove currency noise from their Bitcoin allocation.
Can I hold BTCX.B in my TFSA, RRSP, or FHSA?
Yes. BTCX.B is a TSX-listed Canadian-domiciled ETF, making it eligible for all registered accounts including TFSA, RRSP, RRIF, RESP, RDSP, and FHSA.
How does BTCX.B compare to FBTC?
BTCX.B (0.40% MER) and FBTC (0.39% MER) are effectively tied on cost — the $10/year difference on $100K is negligible. BTCX.B has a longer track record (2021 vs 2023 for FBTC). FBTC uses Fidelity Digital Assets custody; BTCX.B uses Coinbase Custody. Both are strong choices — the decision comes down to preference for CI/Galaxy vs. Fidelity as fund managers.
Who is Galaxy Digital and why does it matter?
Galaxy Digital is a New York-based digital asset firm co-founded by Mike Novogratz, a veteran macro investor. Galaxy brings institutional Bitcoin trading and market expertise to the partnership with CI. This doesn't change the fund's core structure, but it means the ETF benefits from deep Bitcoin-specific market knowledge in its management approach.
Not Sure Which Account Type to Use?
TFSA, RRSP, or FHSA — the right vehicle for your Bitcoin ETF allocation depends on your income, contribution room, and time horizon. Our free assessment models the optimal structure.
This content is for educational and informational purposes only and does not constitute financial, investment, tax, or legal advice. Bitcoin and ETF investments carry significant risk, including potential loss of principal. MER figures are approximate — always verify current fund documents at CI.com. Consult a qualified financial advisor before making investment decisions. BalanceBitcoin is not a registered investment dealer or portfolio manager.