IE Staff
Toronto-based Purpose Investments Inc. has received approval from Canadian securities regulators to issue a direct custody Bitcoin ETF the first of its kind.
Purpose Bitcoin ETF (BTCC) will invest in physically settled Bitcoin directly, instead of using derivatives.
“Bitcoin holdings are kept in ‘cold storage’ the most secure custody solution in the market,” Purpose stated in a release. New York–based Gemini Trust Company is the fund’s sub-custodian, and CIBC Mellon Global Securities Services Company acts as fund administrator.
Purpose Investments worked “in close coordination with the Ontario Securities Commission [OSC] through a confidential filing process” to launch the fund, the company stated. The fund’s prospectus was filed under the passport system, meaning the OSC’s approval applies in the 12 other provinces and territories.
Ninepoint raises $230M for latest bitcoin fund to list on TSX VIDEO SIGN OUT
A new bitcoin fund will begin trading on the Toronto Stock Exchange Wednesday after the largest initial public offering of its kind, a sign that the fledgling market for crypto-focused funds is attracting the interest of Canadian investors.
Ninepoint Partners LP announced the completion of its Bitcoin Fund IPO Wednesday after raising $230 million. The fund, one of several which have begun trading on the TSX over the past four months, gives investors the ability to invest in bitcoin but with none of the headaches tied to a direct investment in the cryptocurrency.
Horizons applies to launch Canada s first bitcoin ETF for retail investors theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.