The first exchange-traded fund tracking bitcoin in North America debuts in Toronto on Thursday, according to Bloomberg. The trading is a potential milestone for the cryptocurrencies and ETF industries.
- The Purpose Bitcoin ETF will provide exposure to the world’s largest cryptocurrency by investing directly in “physical/digital bitcoin.”
- The ETF fund will be available in Canadian and U.S. dollar units.
- Despite Europe boasting several “physically-backed” bitcoin exchange-traded funds, BTCC carries the ETF designation and the first vehicle of its kind in North America.
- U.S is yet to approve a bitcoin or crypto ETF although VanEck Associates Corp. and Bitwise Asset Management have pending filings.
Bitcoin is currently declining. BTCUSD is down 0.63%