Briefing

Purpose Investments’ Bitcoin ETF starts trading

article-aa

Investors traded US$145 million worth of shares in the world’s first Bitcoin exchange-traded fund, which launched on the Toronto Stock Exchange under the ticker BTCC Thursday. (Bloomberg)

Read this article for free

By entering your e-mail you consent to receiving commercial electronic messages from The Logic Inc. containing news, updates, offers or promotions about The Logic Inc.’s products and services. You can withdraw your consent at anytime. Please refer to our privacy policy or contact us for more details.

Already a subscriber?

Talking point: Canada is now officially the first country in the world to have a physically settled Bitcoin ETF, allowing retail investors to gain exposure to the cryptocurrency without having to purchase and secure their own bitcoins. Competitor Evolve Funds Group is hot on Purpose’s heels, with plans to launch its own Bitcoin ETF tomorrow. Fans of the cryptocurrency hope the U.S. Securities and Exchange Commission will follow suit and approve one of several firms that have applied to launch their own Bitcoin ETFs south of the border. It’s yet another step toward Bitcoin’s mainstream acceptance and integration with the traditional financial system, despite its origins as a radical anti-censorship and anti-central-bank project. Bitcoin hit a new high Wednesday, surging above US$52,000 for the first time.