TSX Lists World’s First Bitcoin ETF
Toronto Stock Exchange announced the world’s first bitcoin exchange traded fund (ETF), Purpose Bitcoin ETF, began trading under the symbols TSX:BTCC.B (Canadian dollar denominated ETF non-currency hedged units) and TSX:BTCC.U (U.S. dollar denominated ETF non-currency hedged units).
Purpose Bitcoin ETF is the first direct custody bitcoin ETF in the world. It’s designed to provide investors with exposure to the leading cryptocurrency by investing directly in physically settled bitcoin.
Purpose Bitcoin ETF by @PurposeInvest provides investors with exposure to the leading cryptocurrency by investing directly in physically settled bitcoin:
— Canada's Markets (@tsx_tsxv) February 18, 2021
To celebrate this milestone, Som Seif, Founder & CEO, Purpose Investments, and the Purpose Investments team will virtually close the market tomorrow, February 19, 2021.
“On behalf of Toronto Stock Exchange, I’d like to congratulate Purpose Investments, a true industry pioneer, on this huge achievement,” said Loui Anastasopoulos, President, Capital Formation and Enterprise Marketing Officer, TMX Group. “The launch of trading in the world’s first publicly-listed bitcoin ETF establishes another important milestone for Canada’s markets as we strive to innovate to serve the evolving needs of clients across our marketplace. As the ETF industry and the broader investment landscape continues to expand and new sectors like blockchain and cryptocurrency and others emerge, we would like to acknowledge the dedicated efforts of stakeholders across our world-leading ecosystem, including regulators, for working to ensure Canada remains a leading marketplace for companies to access growth capital and for investors to participate in that growth.”
“We are so happy to be able to offer this innovation to investors, making the process of owning Bitcoin easier than ever, thanks in part to our friends at the Toronto Stock Exchange. We believe Bitcoin, as the first and largest asset in the emerging cryptocurrency ecosystem, is poised to continue its growth trajectory and adoption as an alternative asset, further cementing the investment opportunity it presents,” said Mr. Seif. “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.”
As the ETF has grown into a leading global investment vehicle, the Canadian ETF market has remained at the forefront of the industry. At year-end 2020, there were 794 ETFs listed that held almost $250 billion in AUM.
The Canada Bitcoin ETF (BTCC) traded $200m shares on Day One, a ridic high number, def smashes Canada record would likely rank in Top 5 all-time among US ETFs too. $GLD did $264m in its first day (GOAT). $BOND did $55m. Most ETFs are <$20m.
— Eric Balchunas (@EricBalchunas) February 18, 2021
The US SEC has not approved spot bitcoin ETFs.
SEC has approved bitcoin futures ETFs but not bitcoin spot funds.
The SEC rejected VanEck's application for a spot bitcoin ETF.
Non-deliverable forwards are seen as a gateway to crypto for traditional financial institutions
The bitcoin ETP from the provider of institutional-grade, digital asset-backed securities has gathered $1.6bn.