Read more about Canadian regulator clears world s first bitcoin exchange traded fund launch on Business Standard. The Ontario Securities Commission has approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc. said in a statement
Canada's main securities regulator has cleared the launch of the world's first bitcoin exchange traded fund, an investment manager said on Friday, providing investors greater access to the cryptocurrency that has sparked an explosion in trading interest. The Ontario Securities Commission has approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc. said in a statement. The OSC confirmed the approval in a separate statement to Reuters.
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 on Friday, 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 said.
“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
“I think the OSC is doing the right thing allowing for an ETF,” Salzer said.
“It gets rid of some of the negatives of the current funds.”
Bitcoin notched a record high of $48,975 on Friday. It has gained about 63% so far this year and soared roughly 1,130% since mid-March 2020.
Elon Musk’s Tesla revealed on Monday it had bought $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for its cars, while the cryptocurrency has been gaining acceptance among mainstream financial firms.
In the United States, eight firms have tried without success since 2013 to create a bitcoin ETF, according to Todd Rosenbluth, director of ETF and mutual fund research at New York-based CFRA.
Canada's main securities regulator has cleared the launch of the world's first bitcoin exchange traded fund, an investment manager said on Friday, providing investors greater access to the cryptocurrency that has sparked an explosion in trading interest.