- According to a press release shared with Bitcoin Magazine, Canadian securities regulators have approved the world’s first “under direct watch” Bitcoin exchange traded fund (ETF) launched by Purpose Investment.
First Bitcoin ETF to be legally approved in North America
While this is the world’s first investment tool to call itself bitcoin ETF, there are currently some European investment products that are physically supported by bitcoin and work almost the same. However, this is the first such vehicle to be legally approved in North America.
Purpose Investments states that it is working closely with the Ontario Securities Commission (OSC) to obtain the final regulatory approval of the investment instrument, which will be called Purpose Bitcoin ETF (ticker: BTCC).
Purpose CEO Som Seif said in a statement:
“OSC was a very important working partner in the launch of Purpose Bitcoin ETF and we are grateful for their willingness to work with us in the process. Their cooperation and guidance has made it possible for us to move forward on the path to investors’ possession of this new ETF. ”
Details on ETF
Other details about the launch in the press release are as follows:
Purpose Investments is an asset management company with more than $ 10 billion in assets it manages.
For BTCC ETF, Bitcoin assets will be kept in “cold storage” with Gemini Trust Company.
CIBC Mellon Global Securities Services Company will act as fund manager.
The daily net asset value (NAV) of the ETF will be priced according to the daily spot price of the TradeBlock XBX Index.
The Toronto Stock Exchange is expected to list the fund in Canadian dollars.