Canada does not waste time as the Ontario Securities Commission (OSC) approved the world’s first Bitcoin ETF (Exchange Traded Fund) on Thursday.
Illustration of digital currency Bitcoin (photo: pcmag.com)
The country’s main financial regulator gave green light to the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments Inc. announced in a statement with OSC confirming later the news.
The Purpose Bitcoin ETF will seek to replicate the performance of the price of bitcoin, minus the ETF’s fees and expenses, according to a fact sheet posted by the company. It will trade on the Toronto stock exchange under the label “BTCC.”
“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 class of cryptocurrency,” said Purpose Investment...