Canada Registers Bitcoin ETF Ahead of the United States

Canada’s regulator registered the first North American exchange-traded fund (ETF) based on Bitcoin, managed by Purpose Investments.

The Toronto Stock Exchange has already approved adding the instrument to its platform under the ticker BTCC.

According to the prospectus, the Bitcoin ETF invests for the long term and holds almost all of its assets in the first cryptocurrency. The fund’s auditor will be the well-known consulting firm Ernst & Young.

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Preliminary approval from the Canadian regulator was obtained for applications for similar products from Accelerate Financial Technologies, Evolve Funds Group, Horizons ETF Management and Arxnovum Investments.

What is a cryptocurrency ETF?

As reported, applications to register Bitcoin ETFs with the U.S. Securities and Exchange Commission (SEC) were filed by Bitwise, VanEck and Valkyrie Digital Assets. As of writing, the regulator had not approved any of them.

Earlier, SEC Commissioner Hester Peirce said that U.S. capital markets are ready to launch exchange-traded products based on the first cryptocurrency.

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