hi there,
Not all familiar with Arxnovum Investments and as a smaller fund player, is likely to come with additional risk. Interestingly, the fund Manager (Shaun Cumby) was CIO at 3iQ which launched the Bitcoin Fund (QBTC and QBTC.U) and Ethereum Fund (QETH.U and QETH.UN).
From what i can tell by its prospectus - it is very similar to QBTC in that is looks to track the performance of Bitcoin by holding Bitcoin directly. One difference is that it may look to trade on futures exchanges and other derivatives so I am not clear if it is only holding Bitcoin, or may trade in contracts - which would increase the risk profile.
Of note, I own QBTC so there is an ETF currently trading on the TSX that would meet your needs instead of waiting on BIT.U to be approved. If you want exposure to Ethereum, than the 3iQ QETH funds are also currently trading.
Mat