Bitcoin ETF Approved In Canada First In North America

Canadian securities regulators have approved the first publicly traded Bitcoin ETF in North America. The ETF will be launched by Purpose Investment and is the world’s first ‘direct-custody’ Bitcoin exchange traded fund.

According to a fact sheet from Purpose Investments. The Bitcoin ETF will seek to replicate the performance of the price of bitcoin, minus the ETF’s fees and expenses. It will trade on the Toronto stock exchange under the ticket BTCC.

“The OSC was a crucial working partner in the launch of Purpose Bitcoin ETF. We are grateful for their willingness to work with us through this process,” Purpose CEO Som Seif said. “Their cooperation and guidance made it possible for us to move forward. On getting this novel ETF into the hands of investors.”

This new ETF announcement raises hope that the US Securities and Exchange Commission will follow suit and hopefully approve a US Bitcoin ETF. “It’s another step towards an ETF being authorized in the US.” Says CF Benchmarks CEO Sui Chung

Canadian Bitcoin ETF A Significant Step Forward

Cheng also added that this Canadian bitcoin ETF is a significant step forward. This Demonstrates how North American regulators have gotten more familiar with crypto. But it is unclear how long it would take for the US to take that step. Considering the differences in regulations between Canada and the US.

Numerous firms have tried in the past to gain approval for a Bitcoin ETF. All have failed with the SEC usually citing security concerns as reasoning.

The Purpose Bitcoin ETF does have some differences from similar ETFS by 3iQ Digital. Purpose’s BTC Trust is open-ended, so shares will be issued as long as there’s demand. Whereas 3iQ sold a fixed amount of shares at launch.

Purpose Investment classifies the Bitcoin ETF as an instrument for long-term capital appreciation. With Seif adding that, “Purpose Bitcoin ETF will change the landscape for investors. By giving them a simple, efficient and affordable way to directly access the cryptocurrency.”

close
Bitcoin ETF, Bitcoin ETF Approved In Canada First In North America

Subscribe Today
for our Weekly Newsletter

Free Weekly Crypto News without the spam.

Related Articles

Our Partners

SwapCoin.com RapidCoin.com ChangeNOW.com Paybis.com