World's First Bitcoin ETF: Purpose Bitcoin Exchange Traded Fund (BTCC)

Canadian securities regulators have cleared the launch of the Purpose Bitcoin ETF (BTCC) making it the first to gain regulatory approval in North America and the world.

The Purpose Investment Bitcoin ETF will be the first in the world to invest directly in physically settled Bitcoin and will be offered in Canadian Dollars on Toronto Stock Exchange.

According to the fund fact sheet, the fund is targeting investors who are seeking long-term capital growth and an attractive risk-adjusted rate of return and who can tolerate “high risk.”

While multiple close-ended bitcoin funds have been listed on the Toronto Stock Exchange, such as the ones listed by Canadian investment manager 3iQ, they differ from an ETF. The 3iQ Bitcoin Fund is structured as a closed-end fund that issues a fixed amount of units. Units have been offered to the public during the Initial Public Offering (IPO) in April 2020, in periodic overnight offerings, at-the-market offerings, and in private placements to accredited investors. Management is precluded by OSC regulations from offering any units where net proceeds to the fund would be below net asset value. On the other hand, in the case of an ETF such as the Purpose Bitcoin ETF, units are issued on a continuous basis.

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???? Would you consider investing in a Bitcoin Exchange Traded Fund? Let us know in the comment section down below.

#Bitcoin #Cryptocurrency #ExchangeTradedFund
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