First Block Capital has announced that its bitcoin trust, FBC Bitcoin Trust, has achieved mutual fund status in Canada, allowing investors to place funds in registered accounts such as a Tax Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP).
The trust is available on NEO Connect, a fund distribution platform, under the ticker FBCBT, and is available to accredited investors only. Advisors can trade the fund with the same efficiency and ease as trading ETFs.
NEO Connect allows daily settlements, removing the previous 30-day redemption clause.
“At First Block, we provide investment exposure to bitcoin by removing the complicated barriers to investing directly in the cryptocurrency,” said Sean Clark, CEO and co-founder of First Block.
“As the market leader in providing investment vehicles based on blockchain and cryptocurrency in Canada, we are very happy to make our fund more accessible to the accredited investor community. In this fast-changing world, NEO is the perfect partner with whom we have seized the opportunity to grow our fund within their proven and rapidly expanding fund distribution network.”
The trust has been approved by the BCSC (British Columbia Securities Commission) and OSC (Ontario Securities Commission), according to First Block Capital, and marks the first and only product approved of its kind in Canada.