Canada's main securities regulator has cleared the launch of the world's first exchange-traded bitcoin fund, the investment manager and the regulator said Friday, giving retail investors greater access to the booming cryptocurrency.

The Ontario Securities Commission gave Purpose Investments Inc. the nod to roll out the Purpose Bitcoin ETF (exchange-traded fund) on the Toronto Stock Exchange.

It is to start trading under the ticker BTCC "as early as next week," a company spokesman told AFP.

"The ETF will be the first in the world to invest directly in physically settled bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency without the associated risk of self-custody within a digital wallet," the asset management company said in a statement.

Gemini Trust Company will be sub-custodian for the fund, while CIBC Mellon Global Securities Services will administer it.

Launched in 2009, bitcoin has been on a meteoric rise since March, when it stood at $5,000, spurred by online payments giant PayPal saying it would allow account holders to use cryptocurrency.

It hit a record-high near $45,000 on Monday after Elon Musk's electric carmaker Tesla invested $1.5 billion in the digital currency.

Canadian and US fund companies had tried unsuccessfully in recent years to launch bitcoin ETFs.

Several in recent weeks filed preliminary prospectuses with the Ontario Securities Commission and the Securities and Exchange Commission in the United States.

Related Links
Global Trade News

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Markets, oil drop in Asia but bitcoin targets $50,000
Hong Kong (AFP) Feb 12, 2021
Markets fell in Asia on Friday in holiday-thinned trade with investors awaiting developments in US stimulus talks, while bitcoin hit a new record as it crept towards $50,000. Oil prices also retreated from their 13-month highs after investors were given a reality check on expectations for demand this year, despite expectations the global economy will see a strong recovery. Equities across the planet have rallied this year on the back of vaccine rollouts, falling infection and death rates, and op ... read more