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Canadian Securities Regulators Approve North America’s First Bitcoin ETF

02/12/2021

Canadian securities regulators have authorized the world’s first “direct-custody” bitcoin exchange-traded fund (ETF) to be launched by Goal Funding, in keeping with a press launch shared with Bitcoin Journal

Whereas that is the world’s first funding car calling itself a bitcoin ETF, there are already some European funding merchandise which might be physically-backed by bitcoin and work nearly the identical. However that is the primary such car to realize regulatory approval in North America.

Goal Investments labored intently with the Ontario Securities Fee (OSC) as a way to obtain closing regulatory approval for what shall be referred to as the Goal Bitcoin ETF (ticker: BTCC). 

“The OSC was an important working associate within the launch of Goal Bitcoin ETF and we’re grateful for his or her willingness to work with us by way of this course of,” Goal CEO Som Seif stated, per the discharge. “Their cooperation and steering made it doable for us to maneuver ahead on getting this novel ETF into the arms of buyers.”

Different particulars concerning the launch from the discharge embrace:

  • Goal Investments is an asset administration firm with greater than $10 billion in belongings underneath administration.
  • Bitcoin holdings for the BTCC ETF shall be saved in “chilly storage” with the Gemini Belief Firm.
  • The CIBC Mellon World Securities Companies Firm will act because the fund administrator.
  • The ETF’s every day internet asset worth (NAV) shall be priced based mostly on the every day spot value of the TradeBlock XBX Index.
  • The Toronto Inventory Trade is anticipated to listing the fund in Canadian {dollars}.

The submit Canadian Securities Regulators Approve North America’s First Bitcoin ETF appeared first on Bitcoin Journal.