Canadian etf13 Feb 2021 15:56
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Canada approves first bitcoin ETF, raising hopes that the US SEC will soon follow
Emily Graffeo
Feb. 12, 2021, 06:24 PM
Bitcoin.
KTS Design/Science Photo Library/Getty Images
Canada's financial regulator approved the first publicly traded bitcoin ETF in North America.
The Purpose Bitcoin ETF will trade on the Toronto stock exchange.
It raises hopes that the US SEC will follow in Canada's footsteps.
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Canada's financial regulator approved the first publicly traded bitcoin ETF in North America, according to records published Thursday.
The Purpose Bitcoin ETF will seek to replicate the performance of the price of bitcoin, minus the ETF's fees and expenses, according to a fact sheet posted by Canada-based asset manager Purpose Investments. It will trade on the Toronto stock exchange under the ticket "BTCC."
"The Fund has been created to buy and hold substantially all of its assets in long-term holdings of Bitcoin and seeks to provide holders of ETF Units ("Unitholders") with the opportunity for long-term capital appreciation," the company prospectus reads.
Cidel Trust Company will be the custodian of the ETF while Tyler and Cameron Winklevoss' Gemini Trust Company will be the sub-custodian. Ernst and Young will be the auditor of the ETF."