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Purpose Investments to Launch Bitcoin ETF
Purpose Investments has been cleared by Canadian securities regulators to launch Purpose Bitcoin ETF. It is designed to provide investors with exposure to Bitcoin, by investing directly in physically settled Bitcoin.
“Bitcoin has been gaining popularity among individual and institutional investors for years now, however it remains a difficult asset to gain efficient and secure exposure to,” said Som Seif, founder and CEO of Purpose Investments. “Purpose Bitcoin ETF will change the landscape for investors by giving them a simple, efficient and affordable way to directly access the cryptocurrency.”
Similar to physically backed gold or silver products, the ETF will always be backed directly by physically settled Bitcoin holdings. Bitcoin holdings are kept in cold storage. Purpose Investments is working Gemini Trust Company as sub-custodian and CIBC Mellon Global Securities Services Company as fund administrator.
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Fourth quarter of positive median returns since the initial market reaction to the pandemic
TORONTO, May 3, 2021 /CNW/ - The median return of the BNY Mellon Canadian Master Trust Universe, a BNY Mellon Global Risk Solutions fund-level tracking service, was +0.60% for the first quarter of 2021. These results mark the fourth consecutive positive quarterly median return following the initial pandemic reaction in Q1 2020. The one-year median return as of March 31, 2021 was +18.90%, while the median 10-year annualized return was +8.29%.
The BNY Mellon Canadian Master Trust Universe results are based on $290.7 billion worth of investment assets in Canadian investment plans, with the average plan size of $3.3 billion. The Universe is designed to provide peer comparisons by plan type and size, and it comprises 87 Canadian corporate, public and university pension plans. Additional insight into the plan results is provided by BNY Mellon s Asset Strategy View, and the U
fee revenue and other revenue. Prior periods have been reclassified.
See Reporting Changes beginning on page 9 for additional information.
KEY DRIVERS
Total revenue includes corporate treasury and other investment activity, including hedging activity which offsets between fee and other revenue and net interest expense. Other revenue decreased year-over-year and sequentially, primarily reflecting an impairment of a renewable energy investment. The sequential decrease in other revenue was partially offset by a loss on a sale of a business recorded in 4Q20.
Noninterest expense increased year-over-year primarily reflecting higher staff expense. The sequential decrease primarily reflects real estate charges and severance expense both recorded in 4Q20, partially offset by higher other staff expense.
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TORONTO, April 16, 2021 (GLOBE NEWSWIRE) Purpose Investments Inc. (“Purpose Investments” or “the Company”) is pleased to announce that it has been cleared by Canadian securities regulators to launch the Purpose Ether ETF (the “ETF”), the first direct custody Ether ETF in the world. The ETF is designed to provide investors with exposure to the popular cryptocurrency, Ether, by investing directly in physically settled Ether tokens. The ETF will offer three classes of units: Canadian dollar currency hedged units (ETHH), Canadian dollar non-currency hedged units (ETHH.B) and US dollar units with ticker nits (ETHH.U).
“While Bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society,” said Som Seif, founder and CEO of Purpose Investments. “By launching the first ETF in the world that directly owns and provides expo