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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.

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