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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.
Income Tax Act (Canada) and any similar provincial and territorial legislation.
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Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.
About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $11 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent technology-driven financial services company.
Options Trading to Begin for Purpose Ether ETF
Purpose Investments today announced the TMX Group will begin listing options around Purpose Ether ETF May 12 on the Montréal Exchange. The company is also the manager of the world’s first physically settled Bitcoin ETF, the Purpose Bitcoin ETF (BTCC), which has in excess of $1.3 billion in assets under management. Purpose also lists options for Purpose Bitcoin ETF, providing investors with more ways to gain exposure to Bitcoin.
Som Seif (right) with Jeff Mitelman
“This is great news for investors and a powerful display of innovation in motion,” said Som Seif, founder and CEO of Purpose Investments. “It’s been less than three weeks since we launched Purpose Ether ETF, and we’re already seeing the infrastructure for options trading put into place by the TMX Group. Our goal is to continue to bring cryptocurrency into the mainstream by making Ether more accessible to investors, just as we did with Bitcoin.”
Purpose Investments Launches Bitcoin ETF, Invested Directly in Digital Asset
Purpose Investments has made a Bitcoin ETF, backed by physically settled Bitcoin, available to investors. The Canadian dollar-denominated ETF non-currency hedged units and U.S. dollar denominated ETF non-currency hedged units of Purpose Bitcoin ETF begin trading today on the Toronto Stock Exchange under the ticker BTCC.B and BTCC.U, respectively. With a management fee of one per cent per annum, Purpose believes the ETF represents the simplest, most efficient and most affordable way for investors to gain direct exposure to digital currency with the convenience of registered account eligibility.