Times are definitely changing not just for Bitcoin (BTC), also for ETF of Bitcoin.
The world's first Bitcoin exchange-traded fund (ETF) just made its debut on the Toronto Stock Exchange. Asset management company Purpose Investments Inc. has announced that the first Bitcoin ETF, which is backed by physically resolved Bitcoin, is now available to investors.
Following the announcement, Som Seif, founder and CEO of the Canadian asset manager commented:
“We are very happy to be able to offer this innovation to investors, making the process of owning Bitcoin easier than ever. We believe that Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is ready to continue its trajectory of growth and adoption. as an alternative asset, further consolidating the investment opportunity it presents «.
The company, which has more than $ 10 billion in assets under management (AUM), revealed that the non-cash hedged units Bitcoin ETF denominated in Canadian dollars and the non-cash hedged units US dollar-denominated ETFs of Purpose Bitcoin ETF They began trading on the Toronto Stock Exchange under the ticker symbols BTCC.B and BTCC.U on February 18, respectively.
With the latest move, Purpose plans to act as the ETF manager, while Ether Capital Corporation (Ether Capital) will act as Purpose's special consultant.
The news is not only a huge game changer, it is also a huge win for investors. As Brian Mosoff, CEO of Ether Capital pointed out, the launch of the Bitcoin ETF is clearly a milestone for the financial community and the fintech industry as a whole.
Is the United States taking notice?
The last development occurs just under a week after it was informed that Canadian regulators had authorized the launch of the Purpose Bitcoin ETF. This made it the first exchange-traded fund to gain regulatory approval in North America.
Things have not been so positive when it comes to the United States. Crypto Economy had previously reported that the US Securities and Exchange Commission (SEC) has been notoriously strict when it comes to Bitcoin ETFs. Despite this, platforms have continued to apply for ETFs even after encountering hurdles.
New York Digital Investment Group (NYDIG), turned out to be the latest platform to file with the country's regulatory agency for the Bitcoin ETF.
Furthermore, there is no question that Canada's securities regulator has a long history of approving new types of ETFs long before its US counterpart. And the US has a history of following the lead of the former. Thus, this Canadian move could prompt much-needed conversations in the direction needed by policymakers in the neighboring country.
Meanwhile, in addition to Purpose, there are currently at least four active filings for a Bitcoin ETF in Canada that have yet to be approved. This includes: Evolve Funds, Horizons ETF, Accelerate Financial, and Arxnovum Investments.
If you found this article interesting, you can find more Bitcoin news here
