According to the Bloomberg report, the first exchange-traded fund tracking Bitcoin in North America begins trading in Toronto on Thursday, which is considered a potential milestone for both the cryptocurrency and ETF industries. The Purpose Bitcoin ETF (ticker BTCC) provides exposure to the leading cryptocurrency by investing directly in “physical/digital Bitcoin,” issuer Purpose Investments Inc. said in a statement. The fund will be available both in Canadian dollar and U.S. dollar units.
BTCC is the first to carry the ETF designation.
While Europe boasts several “physically backed” Bitcoin exchange-traded products that effectively function just like an ETF, BTCC is the first to carry the ETF designation and the first vehicle of its kind in North America. No Bitcoin or crypto ETFs have managed to win approval in the U.S. however, VanEck Associates Corp. and Bitwise Asset Management have filings pending. Evolve Funds Group announced earlier that it had filed a final prospectus to launch the Bitcoin ETF (“EBIT” or the “ETF”). EBIT is one of the world’s first physically settled Bitcoin ETFs and will launch on the Toronto Stock Exchange (“TSX”), subject to TSX approval.
“The Bitcoin ETF is exciting news for investors.”
“The Bitcoin ETF is exciting news for investors,” said Raj Lala, President, and CEO, Evolve ETFs. “Investors will be able to trade bitcoin on a regulated stock exchange. It will be as simple as buying shares through their bank or brokerage. Unlike the technical challenges of investing in bitcoin, EBIT units will be safely transacted via a familiar brokerage investing platform. The firm announced that EBIT would provide daily liquidity, transparency, and security for directly purchasing bitcoin through a regulated ETF structure.”