Toronto
Canada’s main securities regulator has cleared the launch of the world’s first bitcoin exchange traded fund, an investment manager said, providing investors greater access to the cryptocurrency that has sparked an explosion in trading interest. The Ontario Securities Commission has approved the launch of Purpose Bitcoin ETF, Toronto-based asset management company Purpose Investments said in a statement. The OSC confirmed the approval in a separate statement to Reuters.
“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,” Purpose Investments said. Investors have been able to trade bitcoin using futures contracts on the CME derivatives exchange. They can also buy closed-end investment funds, such as the Bitcoin Fund on the Toronto Stock Exchange.—Agencies
