Purpose Investments has made a Bitcoin ETF, backed by physically settled Bitcoin, available to investors. The Canadian dollar-denominated ETF non-currency hedged units and U.S. dollar denominated ETF non-currency hedged units of Purpose Bitcoin ETF begin trading today on the Toronto Stock Exchange under the ticker BTCC.B and BTCC.U, respectively. With a management fee of one per cent per annum, Purpose believes the ETF represents the simplest, most efficient and most affordable way for investors to gain direct exposure to digital currency with the convenience of registered account eligibility.
The ETF will invest directly in physically settled bitcoin, not derivatives, allowing investors access to cryptocurrency without the associated risk of self-custody within a digital wallet. Similar to physically-backed gold or silver products, the ETF will be backed directly by physically-settled bitcoin holdings.
“We are so happy to be able to offer this innovation to investors, making the process of owning bitcoin easier than ever. We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as a alternative asset, further cementing the investment opportunity it presents,” said Som Seif, founder and CEO of Purpose. “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 off of traditional benchmarks.”
Purpose will act as manager of the ETF and Ether Capital will act as a special consultant to Purpose.
“We’ve seen the growing popularity of Bitcoin as both individual investors and institutions have increased their exposure to cryptocurrency as an asset class, using it as a tool to diversify and strengthen their portfolios,” said Brian Mosoff, CEO of Ether Capital. “By making Bitcoin more accessible to investors through the ETF, Purpose can accelerate the process of bringing cryptocurrency into the mainstream. Purpose is a leader in financial innovation and we at Ether Capital are thrilled to support Purpose. As someone involved in the cryptocurrency space since 2012 and now as leader of Ether Capital, I view today as a game changer. Not only is this a big win for investors, but it’s a milestone for the financial community and the fintech industry as a whole.”
Purpose is committed to not only providing access to digital assets, but also to educating investors. In addition to the ETF, Purpose is launching a cryptocurrency content hub to give investors the knowledge and tools to understand this emerging asset class. To learn more about Purpose Bitcoin ETF and the asset class visit purposeinvest.com/funds/purpose-bitcoin-etf .
