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Purpose Investments just launched its first Bitcoin ETF

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The first bitcoin exchange-traded fund (ETF) in North America increased the number of tradings on Thursday in Canada. 

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According to information from exchange operator TMX Group, nearly 10m shares in the Purpose Investments bitcoin ETF were traded in the first 24 hours in Toronto. This by only tracing the Canadian dollar version of the fund.

This made Purpose Investments Inc. to be positioned among the top 10 most actively traded securities on the Toronto Stock exchange of the day. 

Bitcoin purpose

Purpose offers funds in Canadian and US dollars while monitoring the bitcoin price (in USD) through the TradeBlock XBX Index.

The ETF will not invest in derivatives but in physically settled Bitcoin. This will allow investors effortless and efficient access to cryptocurrency without the risk that comes from the self-custody of a digital wallet. Similar to physically backed precious metals, the ETF will be backed directly by physically settled Bitcoin holdings.

Introducing a bitcoin ETF on an important North American exchange culminates many attempts by crypto promoters to achieve regulatory acceptance for an exchange-traded cryptocurrency fund.

“We are so happy to be able to offer this innovation to investors, making the process of owning Bitcoin easier than ever, thanks in part to our friends at the Toronto Stock Exchange. We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset, further cementing the investment opportunity it presents,” said Som Seif, Founder & CEO of Purpose Investments.

“Driving forward to be the leader in cryptocurrency investing is a testament to Purpose’s goal of providing investors with alternative investment solutions that are not based on traditional benchmarks,” he added.

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