Exchange-traded fund tracking Bitcoin debuts in Toronto

Business | 18 Feb 2021 10:45 pm

The first exchange-traded fund tracking Bitcoin in North America begins trading in Toronto on Thursday, in a potential milestone moment for both the cryptocurrency and ETF industries, Bloomberg reports.

The Purpose Bitcoin ETF (ticker BTCC) provides exposure to the world’s largest cryptocurrency by investing directly in “physical/digital Bitcoin,” issuer Purpose Investments Inc. said in a statement.

The fund will be available both in Canadian dollar and U.S. dollar units. While Europe boasts several “physically backed” Bitcoin exchange-traded products that effectively function just like an ETF, BTCC is the first to carry the ETF designation and the first vehicle of its kind in North America.

No Bitcoin or crypto ETFs have managed to win approval in the U.S. yet, though VanEck Associates Corp. and Bitwise Asset Management have filings pending.

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