News

Purpose Investments to launch first Bitcoin ETF

Monday 15 February 2021 09:32 CET | News

Canada-based Purpose Investments has announced that it has been cleared by Canadian securities regulators to launch Purpose Bitcoin ETF, a direct custody Bitcoin ETF.

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.

Purpose Investments worked in close coordination with the Ontario Securities Commission (OSC) through a confidential filing process through a series of meetings and presentations over the course of many months to finalise the launch of the ETF.

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Keywords: Purpose Investments, ETF, Bitcoin, crypto, cryptocurrency, Canada, direct custody, bitcoin holdings, osc
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: Canada
This article is part of category

Blockchain & Cryptocurrencies