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Largest Canadian Bitcoin ETF Opens to Mutual Fund Buyers

10/13/2021

Goal Investments, an institutional agency with greater than $12 billion underneath administration, on Wednesday introduced the launch of mutual fund models for the world’s first ETF backed and settled by Bitcoin.

Goal Investments, an institutional agency with greater than $12 billion underneath administration, on Wednesday introduced the launch of mutual fund models for the world’s first ETF backed and settled by Bitcoin.

“We’re blissful to supply one other simple and safe method for Canadian buyers to achieve publicity to Bitcoin,” stated CEO and founder Som Seif. Mutual funds that enable buyers publicity to Bitcoin have risen in demand by buyers worldwide this 12 months.

The Goal Bitcoin ETF invests immediately in Bitcoin permitting buyers environment friendly publicity to Bitcoin with out the related threat and burden of self-custody.

The Goal Bitcoin ETF goals to precisely replicate the worth of Bitcoin, that means its models could also be bought or redeemed at internet asset worth per unit of the relevant class with out premiums or reductions, which could in any other case be related to listed Bitcoin securities like Grayscale.

The Goal Bitcoin Fund at present has $1.2 billion in belongings underneath administration, consisting of 21,688.950498 Bitcoin. All three of the choices are backed by a minimum of 0.0001 Bitcoin per share, with a present internet asset worth of between $10 and $12.

There are at present between 5,000 and seven,000 accessible shares per Bitcoin within the funds.

Within the US, the SEC has but to approve a Bitcoin or Bitcoin futures backed ETF, regardless of many filings and an increase in demand this 12 months. An ETF within the US would open the floodgates to new institutional buyers that can’t or is not going to in any other case get any Bitcoin worth publicity.