Canada Approves first Bitcoin ETF

Authorities in Canada have approved a Bitcoin exchange traded fund (ETF) launched by top investment firm, Accelerate Financial. This makes the ETF, the pioneer in the field in the country and it is known as “The Purpose Bitcoin ETF.” According to details of the launch, the fund would trade on the Toronto Stock Exchange under the tickers of BTCC (Canadian Dollars) and BTCC.U (American Dollar).

The prospectus of the ETF confirmed that the fund is working with top crypto institutions in its running. For example, it would be audited by one of the leading auditing companies in the world Ernst and Young. 

While Cidel Trust would handle custody related issues in Canada for the fund. And Gemini Trust Company, which is one of the leading crypto companies in the world and is owned by the Winklevoss’ twins would act as the sub-trustee for holdings outside Canada.

When Would America Approve its first ETF?

This approval by the Canadian authorities makes it a pioneer in having a BTC exchange in North America. The earlier attempt of Winklevoss twins to open an ETF in the United States was denied by the Securities and Exchange Commission (SEC) in 2017 on the claims that the Bitcoin industry was still very immature. 

While the twins have remained steadfast and have still shown their interest in owning an ETF, other institutions like Valkyrie Fund and VanEck have also expressed their interest in this field.

All of this could however change as Canada’s new posture could help America shift

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