The ETF invests directly in physically settled Bitcoin, not derivatives, allowing investors access to the emerging asset class of cryptocurrency without the associated risk of self-custody within a digital wallet. Similar to physically backed gold or silver products, the ETF will always be backed directly by physically settled Bitcoin holdings.
Bitcoin holdings are kept in ‘cold storage’. Purpose Investments is working with Gemini Trust Company as sub-custodian and CIBC Mellon Global Securities Services Company as fund administrator.
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