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The first bitcoin exchange-traded fund (ETF) in North America has been approved to launch in Canada. Purpose Bitcoin ETF, an alternative mutual fund, is expected to list and trade on the Toronto Stock Exchange. With this approval, the U.S. has fallen behind Canada in approving a bitcoin ETF.

First Bitcoin ETF Approved in North America

The Ontario Securities Commission approved a bitcoin exchange-traded fund (ETF) called Purpose Bitcoin ETF on Thursday. The fund’s filing describes that “This ETF is an alternative mutual fund†that “invests in and holds substantially all of its assets in long-term holdings of the digital currency bitcoin.â€

The fund manager, Purpose Investments Inc., confirmed Thursday that it has been cleared by Canadian securities regulators to launch Purpose Bitcoin ETF, which the company says is “the first direct custody bitcoin ETF in the world.†Purpose Investments is an asset management company with more than $10 billion in assets under management, its website details. The company described:

Purpose Bitcoin ETF has been conditionally approved to trade on the Toronto Stock Exchange (TSX), subject to listing requirements, and will be “offered on a continuous basis,†the filing adds. Investors can buy and sell these bitcoin ETF units on the TSX through registered brokers or dealers where they reside.

The fund is offering an unlimited number of Canadian dollar-denominated ETF currency-hedged units (ticker symbol BTCC), Canadian dollar-denominated ETF non-currency hedged units (ticker symbol BTCC.B), and U.S. dollar-denominated ETF non-currency hedged units (ticker symbol BTCC.U).

Purpose Investments explained that the fund’s bitcoin holdings are kept in cold storage, with Gemini Trust Company LLC as sub-custodian and CIBC Mellon Global Securities Services Company as fund administrator.

Crypto Community’s Reactions

Many people in the crypto community are ecstatic to hear about this bitcoin ETF approval. Synaptic Ventures partner Marc van der Chijs tweeted: “The first bitcoin ETF and it’s in Canada. Unbelievable, it is really happening.â€

Twitter user Mags, whose profile says she helped launch 3iq’s bitcoin fund on TSX, explained:

In addition, she noted: “In Canada, the ‘only’ way to hold bitcoin in our RRSP, TFSA, & RESP accounts is via the TSX listed bitcoin funds & this soon to trade ETF. We have tax free gains in a TFSA (a win wrt BTC) … The US has tax-advantaged accounts like IRAs or 401k’s that an ETF would be eligible for.â€

Gabor Gurbacs, the digital asset strategist and director at Vaneck and MVIS, whose firm has a bitcoin ETF proposal filed with the U.S. Securities and Exchange Commission (SEC), wrote:

Do you think the U.S. SEC will follow Canadian regulators’ example and approve a bitcoin ETF soon? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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