Canada’s main securities regulator has cleared the launch of the world’s first exchange-traded bitcoin fund, the investment manager and the regulator said, giving retail investors greater access to the booming cryptocurrency.
The Ontario Securities Commission gave Purpose Investments Inc the nod to roll out the Purpose Bitcoin ETF (exchange-traded fund) on the Toronto Stock Exchange. It is to start trading under the ticker BTCC “as early as next week,” a company spokesman told AFP.
“The ETF will be the first in the world to invest directly in physically settled bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency without the associated risk of self-custody within a digital wallet,” the asset management company said in a statement.
Gemini Trust Company will be sub-custodian for the fund, while CIBC Mellon Global Securities Services will administer it.