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[Toronto, 12 de Reuters]-Canadian asset management company Purpose Investments revealed on the 12th that Canadian regulators approved the issuance of the world’s first cryptoactive Bitcoin (virtual currency) exchange-traded fund (ETF).
Purpose Investments has issued a statement that the Ontario Securities Commission (OSC) has approved the “Purpose Bitcoin ETF”, which the OSC has confirmed.
“This ETF will be the first in the world to invest directly in physically settled Bitcoin, not derivatives, and investors will be able to easily enter the new cryptocurrency asset class,” said Purpass Investments. And it will be possible to access efficiently. “
Investors have previously been able to trade Bitcoin using futures from the Chicago Mercantile Exchange (CME). It was also possible to buy closed funds like the Bitcoin fund on the Toronto Stock Exchange.
Arthur Salzer, CEO of Northland Wealth Management, notes that ETFs have multiple advantages for investors, including the ability to buy at net asset value rather than premium.
According to Todd Rosenbruce, CFRA New York ETF Research Director, eight companies have attempted to launch Bitcoin ETFs in the United States since 2013, but have failed.
The SEC is concerned about the possibility of market manipulation, and the audit process to confirm the fund’s asset holding status appears to be a problem.
“With the approval of Bitcoin ETFs in Canada, there are expectations that it can be approved in the United States,” said Rosen Bruce. However, under the new administration, the SEC will take time to petition Van Eck and others. We wait for it to finish. “Van Eck is an asset management company based in New York.
