Cryptocurrencies
North America’s First Bitcoin ETF Gets Green Light in Canada
- Purpose Investments says it has gained approval to launch fund
- Canada has beaten U.S. on other industry ETFs including pot
The symbols of Bitcoin and Ethereum cryptocurrencies sit displayed on a screen during the Crypto Investor Show in London, U.K., on Saturday, March 10, 2018.
Photographer: Mary Turner/BloombergThis article is for subscribers only.
Purpose Investments Inc. said 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 is designed to provide investors with exposure to the world’s largest cryptocurrency by investing directly in physically settled Bitcoin, the company said in a statement. While this is set to be the first investment vehicle for Bitcoin that’s officially labeled an exchange-traded fund, Europe boasts several “physically backed” Bitcoin exchange-traded products that effectively function just like an ETF.