canadian clears launch first bitcoin

The ETF will be the first in the world to invest directly in physically settled Bitcoin, not derivatives, allowing investors easy and efficient access to the emerging asset class of cryptocurrency without the associated risk of self-custody within a digital wallet. Similar to physically backed gold or silver products, the ETF will always be backed directly by physically settled Bitcoin holdings.

Bringing the first Bitcoin ETF to the market brought many unique challenges including the requirement of daily liquidity and various mechanisms to satisfy adherence to standards within both traditional ETF markets and the digital asset industry.

Bitcoin holdings are kept in “cold storage” – the most secure custody solution in the market. Purpose Investments is proud to be working with Gemini Trust Company, LLC as sub-custodian and CIBC Mellon Global Securities Services Company as fund administrator to provide investors with confidence regarding the safe and effective purchase, settlement, custody of Bitcoin and administration of the ETF.

Purpose Investments worked in close coordination with the Ontario Securities Commission (OSC) through a confidential filing process through a series of meetings and presentations over the course of many months to finalize the launch of the ETF.

“The OSC was a crucial working partner in the launch of Purpose Bitcoin ETF and we are grateful for their willingness to work with us through this process. Their cooperation and guidance made it possible for us to move forward on getting this novel ETF into the hands of investors,” Seif added.

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