Canadian securities regulators have cleared the launch of the Purpose Bitcoin ETF, making it the first to gain regulatory approval in North America.
The fund from Purpose Investments is designed to provide investors with exposure to the world’s largest cryptocurrency by investing directly in physically settled Bitcoin.
The Purpose Bitcoin ETF promises to be a game changer for those wanting exposure to bitcoin but view investing in more traditional terms. With no digital waller requirment, the Purpose Bitcoin ETF is simple to trade and is eligible for registered TFSA and RRSP accounts.
Expect more crypotcurrency exchange-traded funds in Canada soon.
There are currently at least four active filings for a Bitcoin ETF in Canada yet to be approved. The companies that have filed since the start of the year are Evolve Funds, Horizons ETFs, Accelerate Financial and Arxnovum Investments.