First Bitcoin Exchange-Traded Fund (ETF) Approved in Canada
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First Bitcoin Exchange-Traded Fund (ETF) Approved in Canada

February 12, 2021      Jafrin Ahmed

The Ontario Securities Commission (OSC) has approved a Bitcoin exchange-traded fund for Accelerate Financial investment firm. This makes it to be the first officially approved Bitcoin ETF in Canada. Cidel Trust Company, a subsidiary of Cidel Bank Canada, is assigned as the fund’s custodian. Gemini crypto custodian will serve as the fund’s sub-custodian. Also, Ernst & Young will serve as the fund’s auditor.

First North American Bitcoin ETF Approved in Canada

The first North American publicly traded bitcoin exchange-traded fund (ETF) has been given greenlight by Canada’s financial regulator. As per a decision document, dated on Feb. 11, the receipt of approval from the Ontario Securities Commission (OSC) was filed under a Multilateral Instrument passport system for the Purpose Bitcoin ETF, managed by Purpose Investments Inc.

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The filings include multiple Canadian jurisdictions such as British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon, and Nunavut.

The Purpose Bitcoin ETF is an alternative mutual fund that invests in and holds substantially all of its assets in long-term holdings of the digital currency bitcoin. In an announcement statement, Som Seif, founder and CEO of Purpose Investments, said:

“Bitcoin has been gaining popularity among individual and institutional investors for years now, however, it remains a difficult asset to gain efficient and secure exposure to. Purpose Bitcoin ETF will change the landscape for investors by giving them a simple, efficient and affordable way to directly access the cryptocurrency.”

Purpose Investments Worked in Coordination with the OSC

Accelerate Financial investment firm will offer units denominated in both United States and Canadian dollars with a 0.7% management fee. The firm currently offers a suite of other ETFs, including the recently launched OneChoice Alternative Portfolio, Canada’s first fund to provide exposure to multiple alternative asset classes and investment strategies from Bitcoin to gold, arbitrage, and private credit.

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Purpose Investments worked in close coordination with the Ontario Securities Commission (OSC) through a confidential filing process of many months to finalize the launch of the ETF.

#Accelerate Financial #Bitcoin ETF #Bitcoin Exchange Traded Fund #Ontario Securities Commission #OSC #Purpose Bitcoin ETF #Purpose Investments
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.