{"id":113211,"date":"2021-02-17T15:15:25","date_gmt":"2021-02-17T15:15:25","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113211"},"modified":"2021-02-17T15:15:25","modified_gmt":"2021-02-17T15:15:25","slug":"first-north-american-bitcoin-etf-approved-bitcoin-magazine","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/first-north-american-bitcoin-etf-approved-bitcoin-magazine\/","title":{"rendered":"First North American Bitcoin ETF Approved &ndash; Bitcoin Magazine"},"content":{"rendered":"<p>Canadian securities regulators have approved the world\u2019s first \u201cdirect-custody\u201d bitcoin exchange-traded fund (ETF) to be launched by Purpose Investment, according to a press release shared with <em>Bitcoin Magazine<\/em>.&nbsp;<\/p>\n<p>While this is the world\u2019s first investment vehicle calling itself a bitcoin ETF, there are already some European investment products that are physically-backed by bitcoin and work virtually the same. But this is the first such vehicle to gain regulatory approval in North America.<\/p>\n<p>Purpose Investments worked closely with the Ontario Securities Commission (OSC) in order to receive final regulatory approval for what will be called the Purpose Bitcoin ETF (ticker: BTCC).&nbsp;<\/p>\n<p>\u201cThe OSC was a crucial working partner in the launch of Purpose Bitcoin ETF and we are grateful for their willingness to work with us through this process,\u201d Purpose CEO Som Seif said, per the release. \u201cTheir cooperation and guidance made it possible for us to move forward on getting this novel ETF into the hands of investors.\u201d<\/p>\n<p>Other details about the launch from the release include:<\/p>\n<ul>\n<li>Purpose Investments is an asset management company with more than $10 billion in assets under management.<\/li>\n<li>Bitcoin holdings for the BTCC ETF will be kept in \u201ccold storage\u201d with the Gemini Trust Company.<\/li>\n<li>The CIBC Mellon Global Securities Services Company will act as the fund administrator.<\/li>\n<li>The ETF\u2019s daily net asset value (NAV) will be priced based on the daily spot price of the TradeBlock XBX Index.<\/li>\n<li>The Toronto Stock Exchange is expected to list the fund in Canadian dollars.<\/li>\n<\/ul>\n<p>Source: <a href=\"https:\/\/bitcoinmagazine.com\/articles\/canadian-securities-regulators-approve-north-americas-first-bitcoin-etf\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian securities regulators have approved the world\u2019s<\/p>\n","protected":false},"author":3,"featured_media":113210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>First North American Bitcoin ETF Approved &ndash; 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