Canadian authorities on Friday authorized the launch of a Bitcoin fund on the stock market, giving investors better access to cryptocurrency.
The Ontario Securities Commission (OSC), which oversees the Toronto Stock Exchange, has given the green light to the launch of an index fund offered by the company Purpose Investments.
The fund is expected to be listed on the Toronto Stock Exchange starting this week, under the acronym BTCC, an OSC spokesperson told French news agency AFP. This will make it the first Bitcoin fund to be traded on the exchange.
“This EFT [exchange traded fund] will be the first in the world to invest directly in physically settled Bitcoin, and not in derivatives, allowing investors easy and efficient access to the emerging class of cryptocurrency without the associated risk of self-custody in a digital wallet, Purpose Investments said in a press release.
The Gemini Trust Company will be the sub-custodian of the Bitcoins, while Canadas CIBC Mellon Global Securities Company will be the administrator of the fund.
Created anonymously and managed by a decentralized network, virtual currency is particularly volatile. None of the major central banks recognize Bitcoin as a currency in its own right.
When it was first established in 2009, Bitcoin was worth next to nothing, but this week its value soared to over $ 45,000, supported by a massive $ 1.5 billion investment in the world’s first cryptocurrency by Tesla, which is also considering accepting it as a means of payment.
The Brussels Times
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