Canada’s Securities Regulator Approves Bitcoin Mutual Fund Listing

2021-2-14 21:24

The Ontario Securities Commission, Canada’s SEC-equivalent, has ratified the initial public offering (IPO) for a Bitcoin mutual fund product.

New Bitcoin Mutual Fund in Canada

The company filing system in the country SEDAR contains the prospectus of the Bitcoin ETF launched by Purpose Investments. The “Purpose Bitcoin ETF” is the first direct custody Bitcoin ETF in the world. The prospectus notes that the fund has the ability to invest in assets “not permitted for conventional mutual funds.” In this case, BTC.  

Canada’s largest securities exchange, the Toronto Stock Exchange (TSX), has “conditionally approved” the ETF listing.  The stock tickers for the mutual fund on TSX will be BTCC, BTCC.B, and BTCC.U.

The fund will trade alongside similar Bitcoin ETFs from 3iQ Digital Asset Management.

Nevertheless, there are subtle differences between the two ETFs in Canada. Purpose’s BTC trust is open-ended, meaning shares will be issued as long as there’s demand; they’re physically settled continuously.

On the other hand, 3iQ sold a fixed amount of shares at launch in April, a characteristic of a closed-end fund.

The former is unlikely to attract premiums and discounts on actual BTC prices, which may attract many retail investors. Som Seif, founder and CEO of Purpose Investments, noted in the press release:

“Purpose Bitcoin ETF will change the landscape for investors by giving them a simple, efficient and affordable way to directly access the cryptocurrency.”

Purpose Investment has classified the Bitcoin ETF as an instrument for “long-term capital appreciation.”

Canada just approved a #bitcoin ETF! Nowhere near as big as US markets, but a step in the right direction for sure.

— Lark Davis (@TheCryptoLark) February 12, 2021

Purpose appointed Cidel Trust Company as their BTC custodians. Reportedly, another Bitcoin mutual fund application by Arxnovum Investments Inc., backed by the famous Winklevoss twins in the U.S., is also due approval soon.

Disclosure: The author held BTC at the time of press. 

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66903.17 (+0.21%)
Объем 24H $23.131b
Изменеия 24h: -0.40 %, 7d: 6.11 %
Cегодня L: $66031.14 - H: $67143.86
Капитализация $1318.047b Rank 1
Цена в час новости $ 47463.7 (40.96%)

mutual fund listing bitcoin approves securities regulator

Источник: cryptobriefing.com

mutual fund → Результатов: 45


MassMutual Invests $100M In Bitcoin; ‘Other Return-Hungry Insurance Companies’ Buying BTC: NYDIG Chairman

The 169-year old mutual insurer, MassMutual, purchased $100 million in Bitcoin for its general investment fund. This bitcoin investment is part of the company's broad strategy to take advantage of new opportunities that give it “measured yet meaningful exposure to a growing economic aspect of our increasingly digital world.

2020-12-11 18:06


Fidelity, a $2.46 Trillion Asset Management Company, Rolls Out Crypto Custody Solution

One of the largest asset managers in the world, Fidelity has rolled out its crypto custody solution. A Boston-based mutual fund that has about $2.46 trillion assets under management last year announced the launch of a separate company Fidelity Digital Assets, with the goal to offer trade execution and institutional custody services. Now, the company […]

2019-10-18 20:20


Symbiont And Vanguard Start Testing Blockchain-based Technology For Forex Trading

Giant mutual fund company Vanguard Group is reportedly testing a blockchain-powered foreign exchange (FX) trading platform to allow asset managers to easily trade currencies. According to a report by Bloomberg, Vanguard Group has teamed up with Symbiont which offers blockchain technology to develop the FX trading platform. The new platform will allow asset managers to […]

2019-10-3 23:27


Fidelity Digital Assets Partners With Wave Financial To Offer Bitcoin-Based Yield Fund

Fidelity Digital has confirmed that they are in the process of launching Bitcoin-based yield fund. Mutual fund yield is used to represent the net income return of a mutual fund, and is calculated by dividing the annual income distribution payment by the value of a mutual fund's shares. It includes the income received through dividend […]

2019-9-30 17:46


Thailand’s National Exchange Preps 2020 Launch For Digital Asset Platform

The Stock Exchange of Thailand (SET) announced Wednesday in a statement that plans are underway for the development of a digital asset platform ready to roll out in 2020. SET is working along with several third-party financial collaborators to develop the software platform that it envisions “leveling up investment experiences for more convenience and higher speed” for its clients as well as offering exchange services for digital assets.

2019-3-15 09:59


Фото:

Accredited Investors now Able to Hold Bitcoin in Registered Accounts in Canada

Canada’s first and only regulated bitcoin fund has now achieved mutual fund trust status enabling high-net-worth investors to hold bitcoin investments in their registered accounts. The fund includes registered retirement savings plans and tax-free savings accounts, First Block Capital announced in a September 10, 2018, press release.

2018-9-11 22:00


Terawatt ICO

Terawatt will create a Decentralized Autonomous Organization (DAO), and also create a highly deflationary Ethereum based currency for global payments. The DAO will act as a decentralized global mutual/insurance fund to ensure Utilities (and businesses) always have access to funding (which constantly runs out) for subsidizing L.

2018-7-1 11:11


Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru