The First Bitcoin ETF in North America will start trading on the Toronto Stock Exchange today
A week ago the very first North American Bitcoin Exchange Traded Fund (ETF) was approved by the Ontario Securities Commission.
Purpose Investments Inc., the issuer of the 'Purpose Bitcoin ETF' is using Cidel Trust Company as the designated custodian of the fund.
Cryptocurrency exchange Gemini, founded by bitcoin billionaires, Cameron & Tyler Winklevoss, will serve as the sub-custodian.
Multinational firm, Ernst & Young, will be the auditor of the fund as authenticated by the firm in an official letter uploaded to the SEDAR filling system: Click Here!
The ‘Purpose Bitcoin ETF’ will start trading on the Toronto stock exchange today.
What is so big or one should say historic about all of this lies on whether Bitcoin ETF's will rise in demand and prove successful. A success as such will lead to a whole new playground for bitcoin.
On Feb. 16 Evolve Funds Group Inc. has announced it will launch the second exchange traded fund in Canada under the name EBIT.
"The Bitcoin ETF is exciting news for investors," says 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, units of EBIT will be safely transacted via a familiar brokerage investing platform. EBIT will provide daily liquidity, transparency and security for directly purchasing bitcoin through a regulated ETF structure."
EBIT will provide investors with exposure to the daily price movements of the U.S. dollar price of bitcoin. The ETF will not seek exposure through derivatives or futures contracts and will be backed directly by physically settled bitcoin holdings. The ETF’s daily NAV will be based on the CME CF Bitcoin Reference Rate, a once-a-day benchmark index price for bitcoin denominated in U.S. dollars.
All the commotion, just across the border from the US, has brought with it an optimistic breeze to the US based markets and a genuine hope of a near future change in the SEC policy, which has previously dismissed all past fillings.
Currently on the SEC table are 3 different fillings pending:
VanEck Associates Corp., Bitwise Asset Management & the most recent from NYDIG.
The Purpose Bitcoin ETF's long-form prospectus filling can be viewed here: Click Me!
The approval document was issued on Feb. 11 and can be viewed on the SEDAR filling system: Click Here!
Purpose Bitcoin ETF info: Click Here!
Evolve’s EBIT Full Info: Click Here!