The first publicly traded bitcoin exchange-traded fund (ETF) in North America has been given the go-ahead by Canada’s financial regulator.
According to a decision document on Thursday, the receipt of approval from the Ontario Securities Commission (OSC) was filed under a Multilateral Instrument passport system in multiple Canadian jurisdictions.
Those territories include British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon and Nunavut.
The ETF seeks to replicate the performance of the price of bitcoin minus the ETF’s fees and expenses, according to a fact sheet posted online. The ETF will also not speculate on short-term changes in the price of bitcoin.
The ETF is expected to trade on the Toronto Stock Exchange in Canadian dollars and will be overseen by Cananda-based asset manager Purpose Investments.
This story is developing and will be added to accordingly.